Pound Sterling Price News and Forecast: GBP/USD sees strong downward move amid USD strength

FXStreet Team FXStreet

GBP/USD sees strong downward move amid USD strength, markets eager for US labor data

In Tuesday's session, GBP/USD witnessed a substantial dip, trading at around 1.2620, with significant downward momentum primarily triggered by USD strength. A risk-off market environment ahead of key labor market figures from the US contributed to investors seeking refuge in the US Dollar. In addition, the negative outlook on the British economy adds to the selling pressure. Read More...

Pound Sterling dives on downbeat UK factory data, dismal sentiment

The Pound Sterling (GBP) faces a sharp sell-off after the release of the weaker-than-projected S&P Global Manufacturing PMI for December. The factory data remained lower at 46.2 than expectations and the former reading of 46.4. The economic data below the 50.0 threshold indicates contraction in economic activities. The Manufacturing PMI remains below the 50.0 threshold for the 17-month in a row. Read More...

GBP/USD

Overview
Today last price	1.2626
Today Daily Change	-0.0105
Today Daily Change %	-0.82
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

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. Read More...

Author

FXStreet Team

FXStreet

EUR/USD trims gains, reclaims 1.1600 and beyond

Following an earlier drop to yearly lows around 1.1530, EUR/USD now manages to recoup part of the ground lost and reclaim the area above 1.1600 the figure in the latter part of the NA session on Tuesday. Meanwhile, the pair’s marked retracement comes in response to the unabate march norht in the US Dollar, always propped up by the intense flight-to-safety environment amid the deteriorating geopolitical landscape in the Middle East.

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold bounces off lows, back above $5,100

Gold remains on the defensive, eroding part of the recent multi-day advance and managing to trade back above the $5,100 mark per troy ounce on Tuesday. The precious metal initially dropped just below the critical $5,000 threshold on the back of the persistent strength of the Greenback, higher US Treasury yields across the curve and investors' repricing of Fed rate cuts.