Pound Sterling Price News and Forecast: GBP/USD recovers early lost ground

FXStreet Team FXStreet

GBP/USD Forecast: Pound stays vulnerable despite sellers' hesitancy

GBP/USD has reversed its direction and declined toward 1.3500 after rising to a fresh multi-week high above 1.3600 on Thursday. Although the pair seems to have shaken off the bearish pressure in the early European session on Friday, it stays vulnerable amid souring market mood and renewed dollar strength.

On Thursday, the US Bureau of Labor Statistics announced that the Consumer Price Index (CPI) jumped to its highest level since 1982 at 7.5% on a yearly basis in January. The US Dollar Index (DXY), which tracks the greenback's performance against a basket of six major currencies, advanced to its highest level in a week with the initial reaction and forced GBP/USD to edge lower. Read more...

GBP/USD recovers early lost ground, flat-lined around mid-1.3500s amid modest USD pullback

The GBP/USD pair recovered its early lost ground and was last seen trading in the neutral territory, around mid-1.3500s.

The pair witnessed some selling during the first half of the trading on Friday and dropped to the lower end of its weekly trading range amid a strong follow-through US dollar buying. Expectations that the Fed will tighten its monetary policy at a faster pace to combat high inflation continued acting as a tailwind for the greenback and exerted pressure on the GBP/USD pair. Read more...

GBP/USD to push higher towards 1.36 on sustained move above 1.3560

GBP/USD has managed to regain its traction before testing 1.3500. But as FXStreet’s Eren Sengezer notes, the pound stays vulnerable and needs to break above 1.3560 to alleviate downside pressure.

“In order to push higher toward 1.3600 (psychological level) and 1.3620 (static level), the pair needs to rise above 1.3560 (Fibonacci 23.6% retracement level of the latest uptrend) and start using that level as support.” Read more...

GBP/USD

Overview
Today last price	1.3582
Today Daily Change	0.0028
Today Daily Change %	0.21
Today daily open	1.3554

Trends
Daily SMA20	1.3537
Daily SMA50	1.3456
Daily SMA100	1.3506
Daily SMA200	1.3705

Levels
Previous Daily High	1.3644
Previous Daily Low	1.3523
Previous Weekly High	1.3628
Previous Weekly Low	1.3387
Previous Monthly High	1.3749
Previous Monthly Low	1.3358
Daily Fibonacci 38.2%	1.3598
Daily Fibonacci 61.8%	1.3569
Daily Pivot Point S1	1.3504
Daily Pivot Point S2	1.3453
Daily Pivot Point S3	1.3383
Daily Pivot Point R1	1.3624
Daily Pivot Point R2	1.3694
Daily Pivot Point R3	1.3745

Author

FXStreet Team

FXStreet

EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.