Pound Sterling Price News and Forecast: GBP/USD rebounds from 7-week lows near 1.2330

FXStreet Team FXStreet

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 ...

GBP/USD

Overview
Today last price	1.233
Today Daily Change	-0.0034
Today Daily Change %	-0.27
Today daily open	1.2364

Trends
Daily SMA20	1.251
Daily SMA50	1.2427
Daily SMA100	1.2281
Daily SMA200	1.1974

Levels
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

Author

FXStreet Team

FXStreet

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