Pound Sterling Price News and Forecast: GBP/USD pound eyes 1.2400 as next bullish target

FXStreet Team FXStreet

GBP/USD outlook: Cable stands at the front foot ahead of UK inflation report

Cable extends recovery after Friday’s drop, holding positive sentiment after the BoE kept its mode of gradual rate increases on last week’s policy meeting, but showed readiness for more aggressive steps if needed to curb surging inflation.

Traders look for more clues from Wednesday’s UK CPI report, with forecasts for inflation to rise to 9.1% in May from 9.0% previous month and expectations that inflation can top 11%. Read more...

GBP/USD Forecast: Pound eyes 1.2400 as next bullish target

GBP/USD has managed to build on Monday's modest gains and climbed above 1.2300 in the early European morning on Tuesday. The broad-based dollar weakness amid improving risk mood helps the pair preserve its bullish momentum.

US President Joe Biden said on Monday that they could decide whether to pause the federal gasoline tax by the end of the week. Additionally, St. Louis Federal Reserve Bank President James Bullard reiterated that the effects of the Fed's forward guidance were already taking hold on the economy and inflation. Read more...

GBP/USD climbs further beyond 1.2300 mark, lacks follow-through buying

The GBP/USD pair added to the previous day's modest gains and scaled higher for the second successive day on Tuesday. The steady intraday ascent extended through the first half of the European session and lifted spot prices to a two-day high, around the 1.2325 region in the last hour.

The risk-on impulse - as depicted by the strong rally across the global equity markets - undermined the safe-haven US dollar. Apart from this, signs that there will not be any consensus for a 100 bps rate hike in the foreseeable future exerted heavy downward pressure on the USD, which, in turn, extended support to the GBP/USD pair. Read more...

GBP/USD

Overview
Today last price	1.2266
Today Daily Change	0.0014
Today Daily Change %	0.11
Today daily open	1.2252

Trends
Daily SMA20	1.2439
Daily SMA50	1.2545
Daily SMA100	1.2923
Daily SMA200	1.3222

Levels
Previous Daily High	1.228
Previous Daily Low	1.2199
Previous Weekly High	1.2407
Previous Weekly Low	1.1934
Previous Monthly High	1.2667
Previous Monthly Low	1.2155
Daily Fibonacci 38.2%	1.2249
Daily Fibonacci 61.8%	1.223
Daily Pivot Point S1	1.2208
Daily Pivot Point S2	1.2163
Daily Pivot Point S3	1.2126
Daily Pivot Point R1	1.2289
Daily Pivot Point R2	1.2325
Daily Pivot Point R3	1.237

Author

FXStreet Team

FXStreet

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD slips below key averages as geopolitical risks mount

GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.

Gold falls to near $5,100 as inflation fears weigh amidst Middle East conflict

Gold price faces some selling pressure near $5,100 during the early Asian session on Wednesday. The precious metal falls amid a renewed US Dollar demand and dimming prospects for US rate cuts. The US ISM Services Purchasing Managers Index report will be published later on Wednesday.