Pound Sterling Price News and Forecast: GBP/USD rises to the highest levels in two weeks

FXStreet Team FXStreet

GBP/USD Price Analysis: Cable bulls prod 50-DMA hurdle above 1.2100 as the key week begins

GBP/USD takes the bids to refresh a three-week high near 1.2125-30 during early Monday morning in Europe. It should be noted that the multiple catalysts including the UK jobs report and the US inflation data highlight this week an important one for the Cable traders.

That said, the quote cheers the upside break of the 21-DMA and previous resistance lines from early February. Adding strength to the north-side bias are the recently bullish MACD signals and the above 50 levels of RSI (14) that back the last week’s recovery moves. Read more...

GBP/USD bulls are in the market testing bear commitments at 1.2100

GBP/USD is 0.33% higher after the pair moved up from a low of 1.2063 to a high of 1.2103 following its biggest jump since January 6 while the US Dollar weakens broadly after Friday's US labour market.

Nonfarm Payrolls showed a robust jobs growth although the rise in the Unemployment Rate and signs of cooling wage inflation have led markets to trim bets that the Federal Reserve will raise interest rates as sharply. The United States added 311,000 payrolls in February and the unemployment rate rose to 3.6%. However, a survey of economists polled by Reuters expected the United States to have added 205,000 jobs last month and the unemployment rate to hold steady at 3.4%. Average hourly earnings rose 0.2% last month after gaining 0.3% in January, below expectations of 0.3%. Read more...

GBP/USD

Overview
Today last price	1.2123
Today Daily Change	0.0098
Today Daily Change %	0.81
Today daily open	1.2025

Trends
Daily SMA20	1.2014
Daily SMA50	1.2129
Daily SMA100	1.2017
Daily SMA200	1.1901

Levels
Previous Daily High	1.2114
Previous Daily Low	1.1908
Previous Weekly High	1.2114
Previous Weekly Low	1.1803
Previous Monthly High	1.2402
Previous Monthly Low	1.1915
Daily Fibonacci 38.2%	1.2035
Daily Fibonacci 61.8%	1.1987
Daily Pivot Point S1	1.1918
Daily Pivot Point S2	1.181
Daily Pivot Point S3	1.1712
Daily Pivot Point R1	1.2124
Daily Pivot Point R2	1.2222
Daily Pivot Point R3	1.233

Author

FXStreet Team

FXStreet

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