Pound Sterling Price News and Forecast: GBP/USD slides back closer to 1.2400 amid reviving USD demand

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling finds it difficult to attract bulls

GBP/USD has met renewed bearish pressure in the European morning and declined toward 1.2400 following a quiet Asian session. The negative shift seen in risk mood seems to be helping the US Dollar (USD) hold its ground and the pair could continue to react to changes in risk perception in the absence of high-tier data releases.

On Monday, the USD struggled to build on Friday's gains after the ISM's Services PMI caused markets to lean toward a no change in the Federal Reserve's (Fed) policy rate in June. The headline Services PMI declined to 50.3 from 51.9 in April. More importantly, the Prices Paid Index of the survey fell to 56.2 from 59.6 to highlight a softening input inflation. Read more ...

GBP/USD slides back closer to 1.2400 amid reviving USD demand, downside seems limited

The GBP/USD pair struggles to capitalize on the previous day's goodish rebound of over 70 pips and attracts fresh sellers near the 1.2455-1.2460 region, or the 50-day Simple Moving Average (SMA), on Tuesday. Spot prices turn lower for the third straight day and trade just above the 1.2400 round-figure mark during the first half of the European session.

The prevalent cautious mood around the equity markets lends some support to the safe-haven US Dollar (USD), which, in turn, is seen as a key factor acting as a headwind for the GBP/USD pair. That said, any meaningful upside for the USD seems elusive amid rising bets for an eventual pause in the Federal Reserve's (Fed) policy tightening cycle. Read more ...

GBP/USD

Overview
Today last price	1.241
Today Daily Change	-0.0032
Today Daily Change %	-0.26
Today daily open	1.2442

Trends
Daily SMA20	1.2454
Daily SMA50	1.2456
Daily SMA100	1.2303
Daily SMA200	1.1998

Levels
Previous Daily High	1.246
Previous Daily Low	1.2369
Previous Weekly High	1.2545
Previous Weekly Low	1.2327
Previous Monthly High	1.268
Previous Monthly Low	1.2308
Daily Fibonacci 38.2%	1.2403
Daily Fibonacci 61.8%	1.2425
Daily Pivot Point S1	1.2387
Daily Pivot Point S2	1.2332
Daily Pivot Point S3	1.2296
Daily Pivot Point R1	1.2478
Daily Pivot Point R2	1.2514
Daily Pivot Point R3	1.2569

Author

FXStreet Team

FXStreet

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