Pound Sterling Price News and Forecast: GBP/USD seems to hold its position above 1.2730

FXStreet Team FXStreet

GBP/USD Price Analysis: Grapples to recover recent losses, trades near 1.2730

GBP/USD looks to halt a two-day losing streak, trading slightly higher near 1.2730 during the Asian hours on Tuesday. The GBP/USD pair receives upward support from the hawkish stance of the Bank of England (BoE), coupled with the speculation on the Federal Reserve’s (Fed) dovish stance on the interest rate trajectory in the first quarter of 2024.

However, the technical indicators for the GBP/USD pair are signaling a bearish momentum. The 14-day Relative Strength Index (RSI) below the 50 level indicates downward pressure, suggesting a weaker outlook for the GBP/USD pair. Read more...

GBP/USD holds below the mid-1.2700s, eyes on UK, US PMI data

The GBP/USD pair posts modest losses during the early Asian session on Tuesday. The modest rebound in the US Dollar (USD) lends some support to the major pair. At press time, GBP/USD is trading near 1.2725, down 0.04% for the day.

After the US Federal Reserve's (Fed) final meeting of the year earlier in December, Fed officials held rates steady for the third straight month and signaled a series of interest rate cuts in 2024 as inflation eases faster than estimated. Traders are betting on aggressive rate cuts, starting as early as March. The markets are pricing in 88% odds rate cuts in March, according to the CME Group's FedWatch tool. Read more...

GBP/USD

Overview
Today last price	1.2734
Today Daily Change	0.0003
Today Daily Change %	0.02
Today daily open	1.2731

Trends
Daily SMA20	1.2666
Daily SMA50	1.25
Daily SMA100	1.245
Daily SMA200	1.2531

Levels
Previous Daily High	1.2731
Previous Daily Low	1.2731
Previous Weekly High	1.2828
Previous Weekly Low	1.2685
Previous Monthly High	1.2828
Previous Monthly Low	1.2501
Daily Fibonacci 38.2%	1.2731
Daily Fibonacci 61.8%	1.2731
Daily Pivot Point S1	1.2731
Daily Pivot Point S2	1.2731
Daily Pivot Point S3	1.2731
Daily Pivot Point R1	1.2731
Daily Pivot Point R2	1.2731
Daily Pivot Point R3	1.2731

Author

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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Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.