Pound Sterling Price News and Forecast: GBP/USD sellers could take action if 1.2700 support fails

FXStreet Team FXStreet

GBP/USD outlook: Near-term action lacks clearer direction signal but overall still bullishly aligned

Cable is holding around 1.2700 mark in early Wednesday, following a triple upside rejection at 1.2770 zone.

Larger picture shows the pair trading below the middle of the range (1.2610/1.2827) which extends into fourth consecutive week and capped by 200WMA (1.2837). Read more...

GBP/USD Forecast: Sellers could take action if 1.2700 support fails

GBP/USD edged lower and snapped a 4-day winning streak on Tuesday, pressured by the negative shift seen in risk sentiment. The pair holds steady above 1.2700 early Wednesday but the technical outlook doesn't yet point to a build-up of recovery momentum.

The US Dollar (USD) gathered strength on Tuesday as safe-haven flows dominated the action in financial markets in the American session. Investors are concerned that a prolonged conflict in the Middle East could ramp up energy prices and make it difficult for central banks to tame inflation. Read more...

GBP/USD remains above 1.2700 despite risk aversion mood, awaits BoE Bailey’s speech

GBP/USD is in focus as it hovers around 1.2710 during the Asian session on Wednesday. After a recent dip that interrupted a four-day winning streak, the Pound Sterling (GBP) found support against the US Dollar (USD). The improved market risk appetite, driven by comments from Federal Reserve (Fed) members speculating about potential rate cuts by the end of 2024, contributed to a weaker US Dollar. However, a sudden shift in sentiment towards risk aversion added pressure, impacting the GBP/USD pair. Read more...

GBP/USD

Overview
Today last price	1.2723
Today Daily Change	0.0019
Today Daily Change %	0.15
Today daily open	1.2704

Trends
Daily SMA20	1.2702
Daily SMA50	1.2566
Daily SMA100	1.2447
Daily SMA200	1.2541

Levels
Previous Daily High	1.2765
Previous Daily Low	1.269
Previous Weekly High	1.2771
Previous Weekly Low	1.2611
Previous Monthly High	1.2828
Previous Monthly Low	1.2501
Daily Fibonacci 38.2%	1.2718
Daily Fibonacci 61.8%	1.2736
Daily Pivot Point S1	1.2674
Daily Pivot Point S2	1.2644
Daily Pivot Point S3	1.2599
Daily Pivot Point R1	1.275
Daily Pivot Point R2	1.2795
Daily Pivot Point R3	1.2825

Author

FXStreet Team

FXStreet

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