Pound Sterling Price News and Forecast: GBP/USD recaptures critical trendline resistance at 1.2275


Daily technical and trading outlook – GBP/USD

GBP/USD - 1.2263.. Trading cable was tricky in Thur's 'roller-coaster' session. Although price fell in tandem with euro to 1.2171 in Europe, an upside beat in UK PMIs triggered short-covering rally to 1.2294 in NY b4 retreating.

On the bigger picture, despite cable's brief break of 2016 post-Brexit low of 1.1491 to a near 35-year trough of 1.1412 in mid-Mar 2020 on safe-haven USD's demand following free fall in global stocks, price rallied to 1.3686 on the last trading day of 2020 following a last-minute EU-UK trade deal, then to a near 34-month 1.4241 peak in Feb suggests a major low is made. Despite hitting a 3-year peak of 1.4250 in Jun 2021, subsequent selloff to a 23-month 1.2156 low in mid-May may confirms long-awaited correction has occurred. Read more ...

Chart

GBP/USD Price Analysis: Recaptures critical trendline resistance at 1.2275

GBP/USD is moving back and forth in a 40-pips narrow range so far this Friday, now attempting another bounce towards 1.2300. The renewed upside in the major is fuelled by a bout of weakness seen in the US dollar across its main peers, as risk sentiment receives a fresh boost. Easing rate hike expectations from the ECB and BOE amid increasing recession risks is helping calm the market nerves.

Bulls, however, could face a hard time extending the latest uptick, as the UK political jitters remain in play. A senior Tory party member resigned after the ruling Conservative Party lost two crucial seats in the parliamentary by-elections on Friday. The latest news put PM Johnson’s leadership in jeopardy, which could undermine the sterling’s upswing. Read more ...

GBPUSD

GBP/USD eases from daily high, struggles to find acceptance above 1.2300 mark

The GBP/USD pair built on the previous day's bounce from the vicinity of the weekly low, around the 1.2170-1.2160 area and gained some positive traction on Friday. The pair maintained its bid tone through the early North American session, though seemed to struggle to capitalize on the move or find acceptance above the 1.2300 round-figure mark.

Some cross-driven strength stemming from the ongoing retracement slide in the EUR/GBP cross, from over a one-week high touched on Thursday, acted as a tailwind for the British pound. On the other hand, the risk-on impulse undermined the safe-haven US dollar, which, to a larger extent, helped offset dismal UK data and offered some support to the GBP/USD pair. Read more ...

GBP/USD

Overview
Today last price 1.2276
Today Daily Change 0.0018
Today Daily Change % 0.15
Today daily open 1.2258
 
Trends
Daily SMA20 1.2393
Daily SMA50 1.2497
Daily SMA100 1.2884
Daily SMA200 1.3199
 
Levels
Previous Daily High 1.2294
Previous Daily Low 1.217
Previous Weekly High 1.2407
Previous Weekly Low 1.1934
Previous Monthly High 1.2667
Previous Monthly Low 1.2155
Daily Fibonacci 38.2% 1.2218
Daily Fibonacci 61.8% 1.2247
Daily Pivot Point S1 1.2187
Daily Pivot Point S2 1.2117
Daily Pivot Point S3 1.2063
Daily Pivot Point R1 1.2312
Daily Pivot Point R2 1.2365
Daily Pivot Point R3 1.2436

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Corrective pullback fades around 0.6900, Taiwan, US inflation in focus

AUD/USD: Corrective pullback fades around 0.6900, Taiwan, US inflation in focus

AUD/USD struggles to extend the week-start gains as the Aussie traders flirt with the 0.6900 threshold amid a risk-off mood during Monday’s Asian session. The Sino-American tension over Taiwan joins recently hawkish bets over the Fed appear to challenge the pair buyers, due to its risk barometer status.

AUD/USD News

EUR/USD: Bears moving in across the timeframes

EUR/USD: Bears moving in across the timeframes

The EUR/USD price on the weekly chart has corrected to a 50% mean reversion of the prior weekly sell-off. Last week's sell-off could be the start of the bearish extension. On the daily chart, the price has left behind a failed inverse head and shoulders.

EUR/USD News

Gold slides towards $1,750 as Fed, Taiwan concerns favor DXY bulls

Gold slides towards $1,750 as Fed, Taiwan concerns favor DXY bulls

Gold price remains pressured near $1,773, down 0.10% intraday, as risk-aversion underpins the US dollar’s safe-haven demand during Monday’s Asian session. Also keeping the greenback buyers hopeful are the recently increased hopes of Fed 0.75% rate hike in September.

Gold News

Shiba Inu price hints at a 150% upswing, an opportunity too good to pass up

Shiba Inu price hints at a 150% upswing, an opportunity too good to pass up

Shiba Inu price has been hovering around a significant barrier for roughly three months with virtually no momentum to move above it. This development might be primed for a strong move but the directional bias remains unknown. 

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures