Pound Sterling Price News and Forecast: GBP/USD trades in positive territory for two straight days

FXStreet Team FXStreet

GBP/USD Price Analysis: Holds below 1.2700, Bear cross eyed

The GBP/USD pair gains ground below the 1.2700 barrier during the early European session on Thursday. The major pair trades in positive territory for the second consecutive day as traders slashed their bets on an early interest rate cut by the Bank of England (BoE). GBP/USD currently trades near 1.2682, down 0.01% on the day.

From the technical perspective, the bearish outlook of the GBP/USD pair remains intact as the pair holds below the 50- and 100-hour Exponential Moving Averages (EMA) on the four-hour chart. It’s worth noting that the 50-hour EMA is on the verge of crossing below the 100-hour EMA. If a decisive crossover occurs on the four-hour chart, it would validate a Bear Cross, highlighting that the path of least resistance for GBP/USD is to the downside. Read more...

GBP/USD trades with mild positive bias just below 1.2700, lacks bullish conviction

The GBP/USD pair attracts some buyers for the second straight day on Wednesday and looks to build on the previous day's goodish bounce from sub-1.2600 levels, or over a one-month low. Spot prices currently trade just below the 1.2700 round-figure mark and remain well supported by reduced bets for an early interest rate cut by the Bank of England (BoE).

The UK Office for National Statistics (ONS) reported on Wednesday that the Consumer Price Index (CPI) rose for the first time in 10 months, to 4.0% in December from a more-than-two-year low of 3.9% in the previous month. Adding to this, the core gauge, which excludes volatile food, energy, alcohol and tobacco prices, was unchanged at 5.1% in December as compared to a fall to 4.9% anticipated. The markets were quick to react and are now pricing in a roughly 60% chance that the BoE will start to cut rates by mid-May, down from just over 80% late on Tuesday, which, in turn, is seen underpinning the British Pound (GBP). Read more...

GBP/USD

Overview
Today last price	1.2684
Today Daily Change	-0.0001
Today Daily Change %	-0.01
Today daily open	1.2685

Trends
Daily SMA20	1.2713
Daily SMA50	1.2618
Daily SMA100	1.2451
Daily SMA200	1.2549

Levels
Previous Daily High	1.2696
Previous Daily Low	1.2597
Previous Weekly High	1.2786
Previous Weekly Low	1.2674
Previous Monthly High	1.2828
Previous Monthly Low	1.2501
Daily Fibonacci 38.2%	1.2658
Daily Fibonacci 61.8%	1.2635
Daily Pivot Point S1	1.2622
Daily Pivot Point S2	1.256
Daily Pivot Point S3	1.2522
Daily Pivot Point R1	1.2722
Daily Pivot Point R2	1.2759
Daily Pivot Point R3	1.2822

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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