Pound Sterling Price News and Forecast: GBP/USD testing breakout of a rising channel pattern below 1.2550

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling could extend correction toward 1.2500

GBP/USD has started the new week under bearish pressure and declined below 1.2550 after having touched its highest level in nearly a year 1.2584 on Friday. 1.2500 aligns as the next key support for the pair but market participants could opt to remain on the sidelines ahead of the Federal Reserve's policy announcements on Wednesday.

In the absence of high-impact fundamental drivers, GBP/USD has capitalized on month-end flows and registered impressive gains ahead of the weekend. Early Monday, the US Dollar stays resilient against its rivals support by recovering US Treasury bond yields. Read more ...

GBP/USD Price Analysis: Testing breakout of a rising channel pattern below 1.2550

The GBP/USD pair is showing signs of exhaustion in the upside momentum after failing to extend the upside above 1.2583. The Cable has turned sideways around 1.2560 as investors are preparing for monetary policy by the Federal Reserve (Fed), which is scheduled for Wednesday.

The risk profile is favoring risk-sensitive assets as S&P500 futures are having minimal gains after a bullish Friday. Investors were gung-ho for United States equities after a solid quarterly performance from tech-savvy stocks. Read more ...

GBP/USD drops to fresh daily low amid stronger USD, holds above 1.2500 mark

The GBP/USD pair comes under some selling pressure on the first day of a new week and erodes a part of Friday's strong gains to the 1.2580-1.2585 region, or its highest level since June 2022. Spot prices extend the steady intraday descent through the early part of the European session and drop to a fresh daily low, around the 1.2520 area in the last hour.

A combination of supporting factors assists the US Dollar (USD) to gain positive traction for the third successive day, which, in turn, is seen dragging the GBP/USD pair lower. The prospects of the Federal Reserve (Fed) raising interest rates by another 25 basis points (bps) at the end of a two-day meeting on Wednesday, along with looming recession risks, continue to act as a tailwind for the safe-haven Greenback.

GBP/USD

Overview
Today last price	1.2532
Today Daily Change	-0.0037
Today Daily Change %	-0.29
Today daily open	1.2569

Trends
Daily SMA20	1.2451
Daily SMA50	1.2251
Daily SMA100	1.2212
Daily SMA200	1.194

Levels
Previous Daily High	1.2584
Previous Daily Low	1.2446
Previous Weekly High	1.2584
Previous Weekly Low	1.2387
Previous Monthly High	1.2584
Previous Monthly Low	1.2275
Daily Fibonacci 38.2%	1.2531
Daily Fibonacci 61.8%	1.2499
Daily Pivot Point S1	1.2482
Daily Pivot Point S2	1.2396
Daily Pivot Point S3	1.2345
Daily Pivot Point R1	1.262
Daily Pivot Point R2	1.267
Daily Pivot Point R3	1.2757

Author

FXStreet Team

FXStreet

EUR/USD retreats toward 1.1600 after upbeat US data

EUR/USD pulls away from session highs and declines toward 1.1600 in the American session on Wednesday. Upbeat private sector employment and ISM Services PMI data from the US help the US Dollar (USD) stay resilient against its rivals, limiting the pair's upside.

GBP/USD meets resistance around 1.3400

In line with its risk-linked peers, GBP/USD stages a modest comeback on Wednesday, although meeting some resistance around the 1.3400 neighbourhood. Cable’s humble recovery struggles to gather momentum as the Greenback benefits from better-than-forecast macroeconomic data releases.

Gold loses traction after testing $5,200

Gold corrects lower after testing $5,200 but manages to stay in positive territory in the second hald of the day on Wednesday. The precious metal remains well supported by the deterioration of the geopolitical scenario in the Middle East, while the US Dollar's resilience caps the upside.