Pound Sterling Price News and Forecast: GBP/USD ticks up above 1.2550 as US Dollar recovery stalls

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling needs to rise above 1.2600 to attract bulls

GBP/USD came within a touching distance of 1.2500 on Friday but managed to erase some of its losses to close near 1.2550. Nevertheless, the pair registered weekly losses to snap a three-week winning streak. Action in financial markets remains choppy early Monday as investors gear up for key data releases.

The upbeat November jobs report from the US, which showed that Nonfarm Payrolls rose by 199,000 and the Unemployment Rate declined to 3.7% from 3.9%, provided a boost to the US Dollar (USD) ahead of the weekend. Read more...

GBP/USD ticks up above 1.2550 as US Dollar recovery stalls

The Sterling is trimming some losses on Monday’s European session, with the US Dollar losing upside momentum. The broader bearish trend, however, remains active, with investors cautious ahead of key UK data and major central banks’ decisions.

US employment data boosted the Dollar last Friday, with the Nonfarm payrolls beating expectations and wages growing too fast to allow the Federal Reserve to start cutting rates in the coming months. This is likely to cushion US Dollar declines over the coming sessions. Read more...

Pound Sterling and US Dollar battle to be defined by central banks’ decisions

The Pound Sterling snapped a three-week uptrend against the United States Dollar (USD), fuelling a GBP/USD correction to two-week lows below 1.2600. Traders gear up for a central bank bonanza week, which could lead to a spike in volatility for the pair.

GBP/USD reversed the previous week’s gains and lost almost 150 pips, as the US Dollar staged a solid comeback against its major counterparts. Weak US JOLTS Job Openings and ADP Employment Change data suggested loosening labor market conditions and affirmed increased expectations of the Federal Reserve (Fed) interest rate cut in March weighing heavily on the US Treasury bond yields. However, this failed to deter US Dollar bulls, as Australian, UK and the euro area peripheral bond yields fell relatively rapidly after traders ramped up rate-cut bets for other central banks. Read more...

GBP/USD

Overview
Today last price	1.2579
Today Daily Change	0.0031
Today Daily Change %	0.25
Today daily open	1.2548

Trends
Daily SMA20	1.255
Daily SMA50	1.2339
Daily SMA100	1.2464
Daily SMA200	1.2486

Levels
Previous Daily High	1.2602
Previous Daily Low	1.2502
Previous Weekly High	1.2724
Previous Weekly Low	1.2502
Previous Monthly High	1.2733
Previous Monthly Low	1.2096
Daily Fibonacci 38.2%	1.254
Daily Fibonacci 61.8%	1.2564
Daily Pivot Point S1	1.25
Daily Pivot Point S2	1.2452
Daily Pivot Point S3	1.2401
Daily Pivot Point R1	1.2599
Daily Pivot Point R2	1.265
Daily Pivot Point R3	1.2698

Author

FXStreet Team

FXStreet

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