Pound Sterling Price News and Forecast: GBP/USD remains confined in a narrow trading range

FXStreet Team FXStreet

GBP/USD Price Analysis: Consolidates below one-month-old descending trend-line resistance

The GBP/USD pair struggles to gain any meaningful traction on Friday and oscillates in a narrow trading band, just above the 1.2700 mark during the Asian session. Spot prices, meanwhile, remain well within the striking distance of a nearly two-week high touched on Wednesday and now look to the release of the US PCE Price Index for a fresh impetus.

The crucial US inflation data will play a key role in influencing expectations about the timing of when the Federal Reserve (Fed) will start cutting interest rates, which, in turn, will drive the US Dollar (USD). In the meantime, the stronger-than-expected US economic growth figures, along with signs of easing inflationary pressures, raise the prospects for a soft landing. This leads to a further decline in the US Treasury bond yields, which keeps the USD bulls on the defensive and lends some support to the GBP/USD pair. Read more...

GBP/USD holds above 1.2700 ahead of US PCE data

The GBP/USD pair trades on a flat note above the 1.2700 psychological mark during the early Asian trading hours on Friday. The upbeat US GDP growth numbers boosted the Greenback aganist its rivals. The markets might turn cautious ahead of the Fed’s preferred inflation measure, Core Personal Consumption Expenditures Price Index (Core PCE), due later on Friday. GBP/USD currently trades around 1.2707, gaining 0.01% on the day.

On Thursday, the US Gross Domestic Product (GDP) data expanded by 3.3% in the last quarter of 2024 from 4.9% recorded in the July-September quarter, above the market consensus of 2.0%. The Initial Jobless Claims rose 25K to 214K in the week ended January 20 from the previous week of 189K. Finally, the Fresh orders for Durable Goods were stagnant in Decemebr against expaectations of 1.1%. Read more...

GBP/USD

Overview
Today last price	1.2709
Today Daily Change	0.0003
Today Daily Change %	0.02
Today daily open	1.2706

Trends
Daily SMA20	1.2706
Daily SMA50	1.2662
Daily SMA100	1.2459
Daily SMA200	1.2557

Levels
Previous Daily High	1.2743
Previous Daily Low	1.2682
Previous Weekly High	1.2766
Previous Weekly Low	1.2597
Previous Monthly High	1.2828
Previous Monthly Low	1.2501
Daily Fibonacci 38.2%	1.2705
Daily Fibonacci 61.8%	1.272
Daily Pivot Point S1	1.2678
Daily Pivot Point S2	1.2649
Daily Pivot Point S3	1.2617
Daily Pivot Point R1	1.2739
Daily Pivot Point R2	1.2771
Daily Pivot Point R3	1.28

Author

FXStreet Team

FXStreet

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