Pound Sterling Price News and Forecast: GBP/USD stays under sellers' control despite pause [Video]

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling to face stiff resistance at 1.2450

Following a quiet Asian session, GBP/USD has turned north and climbed above 1.2400 in the early European trading hours on Tuesday. The pair's near-term technical outlook highlights a build-up of bullish momentum, but buyers could find it difficult to clear the 1.2450 resistance.

The positive shift seen in risk sentiment following the long-weekend in the US doesn't allow the US Dollar (USD) to extend its rally and helps GBP/USD stretch higher. The US Dollar Index, which tracks the USD's performance against a basket of six major currencies, retreats toward 104.00 from the multi-month high it set above 104.50 earlier in the day. Read more...

GBP/USD stays under sellers' control despite pause [Video]

GBPUSD opened the week on a neutral note, consolidating its bearish correction from a one-year high within the 1.2300 zone. According to the technical picture, the sideways move could be temporary within the bearish wave. The downfall below the 20- and 50-day simple moving averages (SMAs) and beneath the former 1.2445 ceiling could motivate more selling in the short term. Read more ...

GBP/USD climbs to fresh daily high, around 1.2375 area amid subdued USD demand

The GBP/USD pair attracts some dip-buying near the 1.2325 region on Tuesday and turns positive for the third straight day, though remains confined well within a familiar trading band held over the past week or so. The pair currently placed near the top end of its daily range, around the 1.2375 region and is supported by a combination of factors.

Investors remain anxious over the possibility of further monetary policy tightening by the UK central bank, bolstered by stronger-than-expected consumer inflation figures released last week. This, in turn, is seen underpinning the British Pound (GBP) and acting as a tailwind for the GBP/USD pair amid subdued US Dollar (USD) price action. Read more...

GBP/USD

Overview
Today last price	1.2428
Today Daily Change	0.0072
Today Daily Change %	0.58
Today daily open	1.2356

Trends
Daily SMA20	1.2483
Daily SMA50	1.2437
Daily SMA100	1.229
Daily SMA200	1.1981

Levels
Previous Daily High	1.2372
Previous Daily Low	1.2335
Previous Weekly High	1.2472
Previous Weekly Low	1.2308
Previous Monthly High	1.2584
Previous Monthly Low	1.2275
Daily Fibonacci 38.2%	1.2358
Daily Fibonacci 61.8%	1.2349
Daily Pivot Point S1	1.2337
Daily Pivot Point S2	1.2318
Daily Pivot Point S3	1.23
Daily Pivot Point R1	1.2373
Daily Pivot Point R2	1.2391
Daily Pivot Point R3	1.241

Author

FXStreet Team

FXStreet

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