Pound Sterling Price News and Forecast: GBP/USD to extend its gains towards 1.2730/2770

FXStreet Team FXStreet

GBP/USD Forecast: Acceptance above 1.2600/38.2% Fibo, favor bulls amid weaker USD

The GBP/USD pair edged higher on the first day of a new week, albeit lacked follow-through buying and remained below a one-month peak touched on Friday. Market participants now expect that the Fed could pause the rate hike cycle after two 50 bps hikes each in June and July in order to prevent the economy from tipping into recession. The bets were reaffirmed by Friday's release of the US Personal Consumption Expenditure (PCE) data for April, which suggested that inflationary pressures in the US could be easing. Read more...

GBP/USD to extend its gains towards 1.2730/2770 – ING

GBP/USD is clinging to the early gains while trading below 1.2650. Economists at ING expect the cable to advance nicely towards 1.2730/2770 in the week ahead.

“The GBP/USD bounce has certainly been slightly stronger than we thought (we had thought 1.2600/2650 would be the corrective top) and a slightly negative dollar environment at the start of this week could see GBP/USD extend to 1.2730/2770.” Read more...

GBP/USD consolidates near one-month highs in mid-1.2600s in holiday thinned trade, eyes upcoming risk events

Trading conditions are quiet on Monday amid a lack of US market participants given market closures there for the Memorial Day public holiday. GBP/USD is nonetheless trading close to the one-month highs it printed last Friday in the 1.2670 area at just below 1.2650 amid an upbeat tone to risk appetite at the start of the week. The pair is on course to have rallied around 4.0% from mid-month lows in the mid-1.2100s, a move which analysts are mostly putting down to the weakening of the US dollar, which has continued this Monday. Read more...

GBP/USD

Overview
Today last price	1.2629
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2629

Trends
Daily SMA20	1.2436
Daily SMA50	1.2776
Daily SMA100	1.3109
Daily SMA200	1.3333

Levels
Previous Daily High	1.2667
Previous Daily Low	1.2579
Previous Weekly High	1.2667
Previous Weekly Low	1.2472
Previous Monthly High	1.3167
Previous Monthly Low	1.2411
Daily Fibonacci 38.2%	1.2633
Daily Fibonacci 61.8%	1.2613
Daily Pivot Point S1	1.2583
Daily Pivot Point S2	1.2537
Daily Pivot Point S3	1.2495
Daily Pivot Point R1	1.2671
Daily Pivot Point R2	1.2713
Daily Pivot Point R3	1.2759

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.

GBP/USD extends the drop to 1.3360

GBP/USD builds on Monday’s decline and briefly clinches five-day lows near 1.3360 on Tuesday. Cable’s extra pullback follows the better tone in the Greenback as uncertainty in the Middle East prompts investors to adopt a cautious stance. Meanwhile, an apathetic UK labour market report also collaborates with the selling pressure on the British Pound.

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