Pound Sterling Price News and Forecast: GBP/USD pound could stage downward correction if 1.2000 fails

FXStreet Team FXStreet

When is the UK inflation and how could it affect GBP/USD?

The cost of living in the UK as represented by the Consumer Price Index (CPI) for June month is due early on Wednesday at 06:00 GMT. June’s inflation data will be keenly watched by the GBP/USD traders as a positive side deviation in overall and core inflation figures will strengthen the odds of a consecutive 50 basis point (bps) rate hike by the Bank of England (BOE). Also, it will add downside pressure on already vulnerable Gross Domestic Product (GDP) numbers. Read more...

GBP/USD Forecast: Pound could stage downward correction if 1.2000 fails

GBP/USD has failed to preserve its bullish momentum early Wednesday and started to fluctuate in a tight channel near 1.2000. The souring market mood could help the greenback stage a rebound and weigh on the pair in the second half of the day.

Earlier in the day, the data published by the UK's Office for National Statistics (ONS) revealed that the Consumer Price Index (CPI) jumped to 9.4% on a yearly basis in June from 9.1% in May. Although this reading came in higher than the market forecast of 9.3%, the British pound struggled to find demand. Read more...

GBP/USD retreats to 1.2000 post-UK CPI, downside seems cushioned amid softer USD

The GBP/USD pair edged higher for the fourth successive day on Wednesday and inched back closer to a two-week high touched the previous day. The uptick, however, lacked bullish conviction and once again failed near the 1.2040-1.2045 region. Spot prices quickly retreated a few pips following the release of the UK consumer inflation figures and now seem to have stabilized around the 1.2000 psychological mark. Read more...

GBP/USD

Overview
Today last price	1.1968
Today Daily Change	-0.0024
Today Daily Change %	-0.20
Today daily open	1.1992

Trends
Daily SMA20	1.2049
Daily SMA50	1.2269
Daily SMA100	1.2615
Daily SMA200	1.3056

Levels
Previous Daily High	1.2046
Previous Daily Low	1.1925
Previous Weekly High	1.2039
Previous Weekly Low	1.176
Previous Monthly High	1.2617
Previous Monthly Low	1.1934
Daily Fibonacci 38.2%	1.2
Daily Fibonacci 61.8%	1.1971
Daily Pivot Point S1	1.193
Daily Pivot Point S2	1.1867
Daily Pivot Point S3	1.1809
Daily Pivot Point R1	1.205
Daily Pivot Point R2	1.2108
Daily Pivot Point R3	1.2171

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD resumes downside below 1.3200

GBP/USD resumes its downside below 1.3200 in European trading on Wednesday. The pair remains vulnerable amid a broadly firmer US Dollar and chaotic UK political environment. The focus is now on BoE-speak for further trading impetus.

EUR/USD slumps to new yearly low below 1.1350

EUR/USD stays under bearish pressure and trades at its lowest level in a year below 1.1350 on Wednesday. The pair remains vulnerable to further declines amid a bullish US Dollar, which continues to draw support from hawkish Fed bets and US-Iran peace deal uncertainty.

Gold: Bears retain control as Fed rate hike bets continue to boost USD

Gold recovers slightly from a nearly two-week low, around the $4,050 region, touched earlier this Wednesday. The commodity, however, sticks to its bearish bias for the second straight day, and seems vulnerable to weaken further amid sustained US Dollar buying.

Dogecoin tests a key make-or-break point amid waning retail support

Dogecoin trades below $0.08000 maintaining a steady decline for the seventh straight week. The meme coin is losing its retail strength as DOGE futures Open Interest drops 10% in 24 hours, while institutional demand remains muted with zero inflows so far this week.

Tech rout weighs on US stocks as the USD clocks a fresh 2026 high

Major US equity benchmarks ended Tuesday’s session considerably in the red, with the Nasdaq 100 down 3.3%, the S&P 500 off by 1.4%, and the Dow Jones down 0.1%. Stocks were largely weighed down by tech amid doubts over the AI-driven rally; the Philadelphia Semiconductor Index slid nearly 8%.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.