Pound Sterling Price News and Forecast: GBP/USD regroups from fresh bear cycle lows driven by Downing Street

FXStreet Team FXStreet

GBP/USD regroups from fresh bear cycle lows driven by the woes of Downing Street

At 1.1928, GBP/USD is under water slightly, bleeding by 0.11% at the time of writing after sliding from a high of 1.1989 to a low of 1.1875 on the day so far and in the aftermath of yesterday's resignations of members of the Conservative party. GBP/USD holds near the lows of the week due to political turmoil. The BoE bets are being placed and weighed against Borish Johnson's survival rate and Brexit woes. Read more...

GBP/USD

Overview
Today last price	1.1917
Today Daily Change	-0.0027
Today Daily Change %	-0.23
Today daily open	1.1944

Trends
Daily SMA20	1.2224
Daily SMA50	1.2374
Daily SMA100	1.2773
Daily SMA200	1.3138

Levels
Previous Daily High	1.2126
Previous Daily Low	1.1899
Previous Weekly High	1.2332
Previous Weekly Low	1.1976
Previous Monthly High	1.2617
Previous Monthly Low	1.1934
Daily Fibonacci 38.2%	1.1985
Daily Fibonacci 61.8%	1.2039
Daily Pivot Point S1	1.1853
Daily Pivot Point S2	1.1763
Daily Pivot Point S3	1.1627
Daily Pivot Point R1	1.208
Daily Pivot Point R2	1.2216
Daily Pivot Point R3	1.2307

GBP/USD Forecast: Difficult to bet on a steady pound recovery

GBP/USD has recovered toward 1.2000 in the early European morning following Tuesday's steep drop but failed to preserve its momentum. The political drama in the UK and growing recession fears should continue to weigh on the pair in the near term. Read more...

GBP/USD: Picking the bottom is risky business

GBP/USD is closer to 2016 flash crash levels than ever before. At the time of writing, the pair was down by -1.61% so far this week to trade at 1.1895. That’s not too far from its weekly low of 1.1876. Circumstances today, however, are very different than they were during the flash crash. GBP/USD’s fall from its 21 May 2021 high of 1.4250 has been anything but accidental. The political chaos in Westminster this week is just the latest act in what has been a drawn out tragedy for the UK economy in 2022. Fears of global recession haven’t helped the British pound either. Read more...

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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