Pound Sterling Price News and Forecast: GBP/USD directionless mode extends, awaiting fresh signal

FXStreet Team FXStreet

GBP/USD bears keep reins under 1.2200 with eyes on BOE’s Bailey, Fed’s Powell

GBP/USD dribbles around the weekly low of 1.2180, after declining the most over a week, as sellers take a breather ahead of the key data/events. However, pessimism surrounding Brexit, economic slowdown and inflation woes keep the downside bias intact. US Core PCE, Final reading of Q1 GDP may entertain traders ahead of key discussions at the ECB Forum.

GBP/USD

Overview
Today last price	1.2203
Today Daily Change	0.0020
Today Daily Change %	0.16
Today daily open	1.2183

Trends
Daily SMA20	1.2335
Daily SMA50	1.245
Daily SMA100	1.2845
Daily SMA200	1.3177

Levels
Previous Daily High	1.2292
Previous Daily Low	1.2181
Previous Weekly High	1.2324
Previous Weekly Low	1.2161
Previous Monthly High	1.2667
Previous Monthly Low	1.2155
Daily Fibonacci 38.2%	1.2223
Daily Fibonacci 61.8%	1.2249
Daily Pivot Point S1	1.2145
Daily Pivot Point S2	1.2107
Daily Pivot Point S3	1.2034
Daily Pivot Point R1	1.2257
Daily Pivot Point R2	1.233
Daily Pivot Point R3	1.2368

GBP/USD outlook: Directionless mode extends, awaiting fresh signal

Cable enters the US session on Monday in red after short-lived rally, inspired by renewed risk mode, pushed the price to a ten-day high in early European trading. The price remains within the range which extends into sixth consecutive day, defining near-term price action as directionless, capped by daily Kijun-sen and supported by daily Tenkan-sen, after the action repeatedly failed to register a clear break on either side.

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold bounces off lows, back above $5,100

Gold remains on the defensive, eroding part of the recent multi-day advance and managing to trade back above the $5,100 mark per troy ounce on Tuesday. The precious metal initially dropped just below the critical $5,000 threshold on the back of the persistent strength of the Greenback, higher US Treasury yields across the curve and investors' repricing of Fed rate cuts.