Pound Sterling Price News and Forecast: GBP/USD remains well within the striking distance of a multi-month low

FXStreet Team FXStreet

GBP/USD Price Analysis: Remains depressed below 1.2400, seems vulnerable to slide further

The GBP/USD pair struggles to capitalize on the previous day's modest recovery from the 1.2235 area, or its lowest level since late March and meets with a fresh supply during the Asian session on Friday. Spot prices currently trade near the 1.2280-1.2275 region, down for the third successive day, and seem vulnerable to decline further.

The British Pound (GBP) continues with its relative underperformance in the wake of the Bank of England's (BoE) surprise decision to leave interest rates unchanged on Thursday. In contrast, the Federal Reserve's (Fed) hawkish outlook, signalling the possibility of at least one more rate hike by the end of this year, assists the US Dollar (USD) to hold steady just below a six-month peak. This, along with a generally softer tone around the equity markets, is seen benefitting the safe-haven Greenback and exerting downward pressure on the GBP/USD pair. Read more...

GBP/USD hangs near multi-month low, seems vulnerable below 1.2400 ahead of UK/US PMIs

The GBP/USD pair struggles to capitalize on the previous day's modest bounce from the 1.2230 area or a nearly six-month low and oscillates in a narrow trading band during the Asian session on Friday. Spot prices remain below the 1.2300 round-figure mark and seem vulnerable to prolonging a well-established downtrend witnessed over the past two months or so.

The US Dollar (USD) holds steady just below its highest level since June touched on Thursday and continues to draw support from the Federal Reserve's (Fed) hawkish outlook, which, in turn, is seen acting as a headwind for the GBP/USD pair. The Fed decided to keep rates unchanged at a 22-year high, between the 5.25%-5.50% range, as was widely expected, though signalled the possibility of at least one more rate hike by the end of this year in the wake of sticky inflation. Read more...

GBP/USD

Overview
Today last price	1.2286
Today Daily Change	-0.0012
Today Daily Change %	-0.10
Today daily open	1.2298

Trends
Daily SMA20	1.2507
Daily SMA50	1.2683
Daily SMA100	1.2647
Daily SMA200	1.2434

Levels
Previous Daily High	1.2352
Previous Daily Low	1.2235
Previous Weekly High	1.2548
Previous Weekly Low	1.2379
Previous Monthly High	1.2841
Previous Monthly Low	1.2548
Daily Fibonacci 38.2%	1.228
Daily Fibonacci 61.8%	1.2307
Daily Pivot Point S1	1.2238
Daily Pivot Point S2	1.2179
Daily Pivot Point S3	1.2122
Daily Pivot Point R1	1.2355
Daily Pivot Point R2	1.2411
Daily Pivot Point R3	1.2471

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FXStreet Team

FXStreet

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