Pound Sterling Price News and Forecast: GBP/USD struggles near two-day low

FXStreet Team FXStreet

GBP/USD: Prospects of testing 1.30-1.33 range resistance is building – Westpac

UK’s Spring Statement (Budget Update) set out a solid stance for UK finances whilst supporting cost-of-living pressures. In the opinion of economists at Westpac, GBP is likely to remain steady in its recent range.

“Peak debt to GDP has been lowered to 95.6% in the current 2021-22 tax year from over 97% and down significantly from over 100% projected at the height of the pandemic. The Office for Budget Responsibility also profiles the BoE’s Bank Rate to rise gradually to a peak of almost 1.9% into 3Q 2023 before gliding back to just below 1.25% into 2027.” Read more...

GBP/USD struggles near two-day low, just above mid-1.3100s post-UK PMIs

The GBP/USD pair maintained its offered tone through the first half of the European session and had a rather muted reaction to mixed UK PMI prints. The pair was last seen trading just above mid-1.3100s, down nearly 0.35% for the day.

The pair extended the previous day's sharp retracement slide from the vicinity of the 1.3300 mark, or over two-week high and witnessed some follow-through selling for the second straight day on Thursday. The downtick was exclusively sponsored by a stronger US dollar, which continued drawing support from the Fed's hawkish outlook. Read more...

GBP/USD: Decline below 1.3160 to open the door for additional losses

GBP/USD has steadied near 1.32 following Wednesday's decline. Sellers could take action in case the pair drops below 1.3160, FXStreet’s Eren Sengezer reports.

“Several FOMC members, including Atlanta Fed President Raphael Bostic and Fed Governor Christopher Waller, will be delivering speeches. Hawkish Fed commentary has been helping the dollar outperform its rivals by lifting US T-bond yields higher and a similar market reaction could be witnessed in the second half of the day.” Read more...

GBP/USD

Overview
Today last price	1.3208
Today Daily Change	0.0004
Today Daily Change %	0.03
Today daily open	1.3204

Trends
Daily SMA20	1.321
Daily SMA50	1.3416
Daily SMA100	1.3407
Daily SMA200	1.3588

Levels
Previous Daily High	1.3299
Previous Daily Low	1.3175
Previous Weekly High	1.3211
Previous Weekly Low	1.3
Previous Monthly High	1.3644
Previous Monthly Low	1.3273
Daily Fibonacci 38.2%	1.3222
Daily Fibonacci 61.8%	1.3251
Daily Pivot Point S1	1.3153
Daily Pivot Point S2	1.3102
Daily Pivot Point S3	1.303
Daily Pivot Point R1	1.3277
Daily Pivot Point R2	1.335
Daily Pivot Point R3	1.3401

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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