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 rebounds from session lows, stays below 1.1650

EUR/USD is recovers modestly from session lows but remains in the red below 1.1650 in European trading on Thursday. The pair faces headwinds from a renewed uptick in the US Dollar amid a negative shift in risk sentiment. Surging energy prices due to the Middle East war keep the bearish pressure intact on the Euro. The US Jobless Claims data are next of note.

GBP/USD stays weak near 1.3350 amid UK stagflation risks

GBP/USD sticks to losses near 1.3350 in the European session on Thursday. The Pound Sterling loses ground amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, while the US Dollar attracts fresh havem demand ahead of the US Jobless Claims data.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Three reasons to be bearish on Bitcoin

Bitcoin is holding up well taking into account the uncertainty stemming from the Middle East. Despite this week’s rally, the long-term outlook remains bearish. Here are three reasons why I think the storm for the largest cryptocurrency isn't over yet.

FX alert: When Energy still writes the macro script the Dollar holds the pen

The market is quietly sliding back into the trade nobody wanted to own, but everyone now has to respect again. The no quick off-ramp trade. Yesterday’s bounce in risk assets already looks less like a turning point and more like a classic relief rally in a market that briefly inhaled before realizing the room was still on fire.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.