Pound Sterling Price News and Forecast: GBP/USD reached 7-week highs

FXStreet Team FXStreet

GBP/USD reached 7-week highs and remains volatile amidst Fed’s dovish hike

The GBP/USD is rallying sharply after the US Federal Reserve raised rates by 25 bps. Federal Reserve officials updated its dot-plot, with 10 out of 18 policymakers expecting another 25 bps rate hike by the end of the year. At the time of typing, the GBP/USD is trading volatile within the 1.2240-1.2300 range as traders brace for Fed’s Powell press conference. Read More...

GBP/USD erases post-UK CPI gains ahead of Fed's decision

The GBP/USD retreated more than 70 pips from the six-week high it reached earlier of 1.2297 and dropped to 1.2218 as Pound's momentum following UK CPI faded, ahead of the Federal Reserve's decision. Read More...

GBP/USD

Overview
Today last price	1.2273
Today Daily Change	0.0056
Today Daily Change %	0.46
Today daily open	1.2217

Trends
Daily SMA20	1.2046
Daily SMA50	1.2144
Daily SMA100	1.2064
Daily SMA200	1.1893

Levels
Previous Daily High	1.2283
Previous Daily Low	1.2179
Previous Weekly High	1.2204
Previous Weekly Low	1.201
Previous Monthly High	1.2402
Previous Monthly Low	1.1915
Daily Fibonacci 38.2%	1.2218
Daily Fibonacci 61.8%	1.2243
Daily Pivot Point S1	1.217
Daily Pivot Point S2	1.2122
Daily Pivot Point S3	1.2066
Daily Pivot Point R1	1.2274
Daily Pivot Point R2	1.233
Daily Pivot Point R3	1.2378

GBP/USD Price Analysis: Builds on UK CPI-inspired rally, climbs to 1.2300 ahead of FOMC

The GBP/USD pair catches fresh bids on Wednesday and the buying interest picks up pace during the first half of the European session in reaction to the strong UK consumer inflation figures. The momentum lifts spot prices to a fresh high since February 02, with bulls now awaiting a sustained strength beyond the 1.2300 mark before positioning for any further appreciating move. Read More...

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FXStreet Team

FXStreet

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EUR/USD falls toward 1.1700 on broad USD recovery

EUR/USD turns south and declines toward 1.1700 on Wednesday. The US Dollar gathers recovery momentum and forces the pair to stay on the back foor, as traders look to USD short-covering ahead of US inflation report on Thursday. However, the downside could be capped by hawkish ECB expectations.

GBP/USD trades deep in red below 1.3350 after soft UK inflation data

GBP/USD stays under strong selling pressure midweek and trades below 1.3350. The UK annual headline and core CPI rose by 3.2% each, missing estimates of 3.5% and 3.4%, respectively, reaffirming dovish BoE expectations and smashing the Pound Sterling across the board ahead of Thurday's BoE policy announcements.

Gold clings to moderate daily gains above $4,300

Following Tuesday's volatile action, Gold regains its traction on Wednesday and trades in positive territory above $4,300. While the buildup in the USD recovery momentum caps XAU/USD's upside, the cautious market stance helps the pair hold its ground.