Pound Sterling Price News and Forecast: GBP/USD – Technicals fail to provide a directional clue

FXStreet Team FXStreet

GBP/USD outlook: Bulls face strong headwinds but remain in play, US inflation data in focus

Cable edges lower in early Friday’s trading as bulls continue to face headwinds and repeatedly failing to sustain gains above 1.24 mark, keeping the price action in sideways mode for one week. Strong barrier at 1.2446 (base of falling weekly cloud/Dec 14 top) continues limit recovery leg from 1.1841 (Jan 6 low), though near-term action is expected to keep bullish bias while holding above 1.2263 (Jan 24 higher low).

Daily techs are weakening on fading bullish momentum and south-heading RSI, but MA’s remain in bullish setup, with 10DMA offering initial support at 1.2349 ahead of 1.2263 pivot. Thick daily cloud also underpins (cloud top lays at 1.2166). Read more ...

GBP/USD Forecast: Technicals fail to provide a directional clue

GBP/USD has lost its traction and declined below 1.2400 early Friday. As markets await the December Personal Consumption Expenditures (PCE) Price Index data from the US, the pair could stay in a consolidation phase amid mixed technical signals.

The stronger-than-expected fourth-quarter Gross Domestic Product (GDP) data from the US allowed the US Dollar hold its ground against its rivals late Thursday. With Wall Street's main indexes extending the bullish rally, however, risk flows helped GBP/USD limits its losses. Read more ...

GBP/USD hangs near daily low, well offered below 1.2400 ahead of US PCE Price Index

The GBP/USD pair continues with its struggle to find acceptance above the 1.2400 mark and comes under some selling pressure on the last day of the week. The pair remains on the defensive through the first half of the European session and is currently placed around the 1.2380-1.3375 region, just a few pips above the daily low.

A combination of factors lends support to the US Dollar, which, in turn, is seen exerting some downward pressure on the GBP/USD pair. The better-than-expected US growth figures released on Thursday fueled speculations that the Fed will maintain its hawkish stance for longer. This, in turn, leads to a goodish intraday move up in the US Treasury bond yields, which, along with a softer risk tone, benefits the safe-haven Greenback. Read more ...

GBP/USD

Overview
Today last price	1.2374
Today Daily Change	-0.0040
Today Daily Change %	-0.32
Today daily open	1.2414

Trends
Daily SMA20	1.2211
Daily SMA50	1.2153
Daily SMA100	1.1758
Daily SMA200	1.1965

Levels
Previous Daily High	1.243
Previous Daily Low	1.2344
Previous Weekly High	1.2436
Previous Weekly Low	1.2169
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2398
Daily Fibonacci 61.8%	1.2377
Daily Pivot Point S1	1.2362
Daily Pivot Point S2	1.2311
Daily Pivot Point S3	1.2277
Daily Pivot Point R1	1.2448
Daily Pivot Point R2	1.2482
Daily Pivot Point R3	1.2534

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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