Pound Sterling Price News and Forecast: GBP/USD staying on course for a higher high

FXStreet Team FXStreet

GBP/USD bulls eye a higher high ahead of US Services

GBP/USD bulls stay in the game and have not thrown in the towel yet, testing the upside and scoring a high of 1.2425 so far after a day where the US Dollar fell swiftly in the US session. GBP/USD bulls capitalized on the move and the pair rallied from a low of 1.2274 to 1.2324.

Monday's economic reports that showed US manufacturing activity in March slumped to its lowest level in nearly three years as new orders continued to contract. The Institute for Supply Management (ISM) reported that its Manufacturing PMI fell to 46.3 last month. This was the worst since May 2020, from 47.7 in February. Read more..

GBP/USD bulls cheer US Dollar weakness, Fed hawks’ retreat above 1.2400

GBP/USD remains firmer around 1.2420 during early Tuesday in Asia as bulls approach the multi-day-old resistance area amid broad US Dollar weakness. In doing so, the Cable pair ignores downbeat inflation forecasts and Brexit concerns at home amid optimistic comments from the Bank of England (BoE) Officials.

That said, the US Dollar Index (DXY) dropped the most in a fortnight the previous day to test the lowest levels in two months as downbeat US data and yields weigh on the Federal Reserve (Fed) bets. Read more...

GBP/USD

Overview
Today last price	1.2415
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.2413

Trends
Daily SMA20	1.2183
Daily SMA50	1.215
Daily SMA100	1.2136
Daily SMA200	1.1896

Levels
Previous Daily High	1.2424
Previous Daily Low	1.2275
Previous Weekly High	1.2424
Previous Weekly Low	1.2219
Previous Monthly High	1.2424
Previous Monthly Low	1.1803
Daily Fibonacci 38.2%	1.2367
Daily Fibonacci 61.8%	1.2332
Daily Pivot Point S1	1.2317
Daily Pivot Point S2	1.2221
Daily Pivot Point S3	1.2168
Daily Pivot Point R1	1.2466
Daily Pivot Point R2	1.2519
Daily Pivot Point R3	1.2615

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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