GBP/USD Forecast: Bears to retain control as long as 1.2400 stays intact
GBP/USD has reversed its direction and recovered above 1.2350 early Thursday after having touched its lowest level since early April at 1.2330. The near-term technical outlook suggests that sellers are likely to retain control unless the pair flips 1.2400 into support.
Although stronger-than-expected Consumer Price Index (CPI) data from the UK revived expectations for additional Bank of England (BoE) rate hikes, the persistent US Dollar (USD) strength forced GBP/USD to remain under bearish pressure. Read more ...
GBP/USD rebounds from 7-week lows near 1.2330
GBP/USD retreats for the fourth session in a row and extends further the rejection from 2023 peaks near 1.2680 (May 10), an area also coincident with the 2021-2023 resistance line and the 100-week SMA.
In the meantime, recession concerns in the UK economy appears to have been reignited following sticky inflation figures in the UK during April ([published on May 24), which in turn seem to have reinforced the idea of extra tightening by the BoE in the upcoming MPC meetings. Read more ...
|Today last price||1.233|
|Today Daily Change||-0.0034|
|Today Daily Change %||-0.27|
|Today daily open||1.2364|
|Previous Daily High||1.247|
|Previous Daily Low||1.2358|
|Previous Weekly High||1.2547|
|Previous Weekly Low||1.2392|
|Previous Monthly High||1.2584|
|Previous Monthly Low||1.2275|
|Daily Fibonacci 38.2%||1.2401|
|Daily Fibonacci 61.8%||1.2427|
|Daily Pivot Point S1||1.2325|
|Daily Pivot Point S2||1.2286|
|Daily Pivot Point S3||1.2214|
|Daily Pivot Point R1||1.2437|
|Daily Pivot Point R2||1.2509|
|Daily Pivot Point R3||1.2548|
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