GBP/USD Price Analysis: Pair reverses below 1.2400, focus on central banks decisions
GBP/USD snaps the two-day losing streak earlier in the day but later reverses, still trading higher around 1.2390 during the early trading hours of the European session on Monday. The pair experienced upward support, likely a result of the downbeat consumer sentiment data from the United States (US) released on Friday.
The preliminary US Michigan Consumer Sentiment Index recorded a reading of 67.7, indicating a decline from the previous figure of 69.5. This reading also fell below the expected figure of 69.1 for the month of September. Read more...
GBP/USD Forecast: Pound Sterling's recovery attempts could remain short-lived
GBP/USD lost nearly 100 pips last week and continued to stretch lower during the Asian trading hours on Monday. The pair was last seen trading at its lowest level since early June at around 1.2370. Investors, however, could stay on the sidelines ahead of this week's key macroeconomic events and make it difficult for GBP/USD to make a decisive move in either direction in the near term.
The unabated US Dollar (USD) strength last week forced GBP/USD to stay under bearish pressure. Early Monday, US stock index futures trade modestly higher, pointing to a slight improvement in risk sentiment. In case risk flows gain traction in the second half of the day, GBP/USD could erase some of last week's losses. Read more...
GBP/USD attempts to retrace the intraday losses near 1.2380
GBP/USD struggles to halt the two-day losing streak, recovering from the intraday losses and trading around 1.2380 during the European session on Monday. The pair is facing downward pressure ahead of the interest rate decisions from the United States (US) and the United Kingdom (UK).
The US Federal Reserve (Fed) is expected to maintain its current interest rates without changes in the upcoming meeting scheduled on Wednesday. Furthermore, market participants will carefully scrutinize the central bank's communications, seeking any clues or insights regarding the possible future direction of interest rates. The market is still factoring in a 25 basis points rate-hike through the end of year 2023. Read more...
|Today last price||1.2398|
|Today Daily Change||0.0015|
|Today Daily Change %||0.12|
|Today daily open||1.2383|
|Previous Daily High||1.2446|
|Previous Daily Low||1.2379|
|Previous Weekly High||1.2548|
|Previous Weekly Low||1.2379|
|Previous Monthly High||1.2841|
|Previous Monthly Low||1.2548|
|Daily Fibonacci 38.2%||1.2405|
|Daily Fibonacci 61.8%||1.242|
|Daily Pivot Point S1||1.2359|
|Daily Pivot Point S2||1.2336|
|Daily Pivot Point S3||1.2292|
|Daily Pivot Point R1||1.2426|
|Daily Pivot Point R2||1.247|
|Daily Pivot Point R3||1.2494|
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.