Pound Sterling Price News and Forecast: GBP/USD retreats from the highest levels since April 2022

FXStreet Team FXStreet

GBP/USD Price Analysis: Cable sellers approach 1.2800 on bearish Pennant confirmation

GBP/USD sellers prod intraday low of around 1.2810 heading into Monday’s London open, printing the first daily loss in five at the highest levels in 14 months.

In doing so, the Cable pair justifies the downside break of a bearish pennant chart formation amid downbeat signals from the MACD and the RSI (14) technical indicators. Read more...

GBP/USD hovers near its highest level since April 2022, remains below mid-1.2800s

The GBP/USD pair gains some positive traction for the fourth successive day on Monday and trades just below mid-1.2800s, near its highest level since April 2022 during the Asian session.

The British Pound (GBP) continues with its relative outperformance in the wake of expectations that the Bank of England (BoE) will continue with its policy tightening to stop inflation expectations from becoming entrenched. In fact, the BoE is universally anticipated to hike the benchmark rates by 25 bps on Thursday, to 4.75% or the highest since April 2008. Moreover, the markets are pricing in the possibility of a bigger, 50 bps lift-off, which, along with subdued US Dollar price action, acts as a tailwind for the GBP/USD pair. Read more...

GBP/USD

Overview
Today last price	1.2817
Today Daily Change	-0.0005
Today Daily Change %	-0.04
Today daily open	1.2822

Trends
Daily SMA20	1.2495
Daily SMA50	1.2492
Daily SMA100	1.2324
Daily SMA200	1.2045

Levels
Previous Daily High	1.2848
Previous Daily Low	1.2768
Previous Weekly High	1.2848
Previous Weekly Low	1.2487
Previous Monthly High	1.268
Previous Monthly Low	1.2308
Daily Fibonacci 38.2%	1.2818
Daily Fibonacci 61.8%	1.2799
Daily Pivot Point S1	1.2777
Daily Pivot Point S2	1.2733
Daily Pivot Point S3	1.2697
Daily Pivot Point R1	1.2857
Daily Pivot Point R2	1.2893
Daily Pivot Point R3	1.2937

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FXStreet Team

FXStreet

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