Pound Sterling Price News and Forecast: GBP/USD turns fragile as safe-haven flows return [Video]

FXStreet Team FXStreet

Did GBP/USD get caught in a false breakout? [Video]

GBPUSD could not find enough buyers to expand Friday’ bull run above its 200-day simple moving average (SMA), closing with marginal losses within the 1.2300 area on Monday. Given the current negative momentum in the price, the question now is whether the pair will stay resilient above the 1.2260-1.2300 key region. Read more...

GBP/USD Forecast: Pound Sterling turns fragile as safe-haven flows return

GBP/USD came under pressure and declined to the 1.2300 area in the European session on Tuesday. The pair's near-term technical outlook points to a bearish tilt. In the absence of high-impact data releases, the risk perception could impact GBP/USD action in the second half of the day.

After advancing to its strongest level since mid-September at 1.2428 on Monday, GBP/USD turned south and closed in negative territory. The recovery seen in the US Treasury bond yields helped the US Dollar (USD) find demand and didn't allow the pair to build on earlier gains. Read more...

Pound Sterling extends downside as concerns over UK recession mount

The Pound Sterling (GBP) faces a sell-off on Tuesday, paring some gains from the recent rally, as risks of a slowdown in the United Kingdom economy are unabated due to higher interest rates by the Bank of England (BoE). The GBP/USD pair recovered sharply on Friday and Monday but struggled to maintain strength and trades around 1.2330 amid an absence of fundamental cushion for the Pound Sterling.

The recent recovery in the Cable was backed by an improvement in the market sentiment due to expectations of no more interest rate hikes from the Federal Reserve (Fed) and no further escalation in Middle East tensions. However, risks of the UK economy entering into a recession are high as sectors including manufacturing, services, and housing are struggling to absorb the effect of higher interest rates by the BoE. Read more...

GBP/USD

Overview
Today last price	1.229
Today Daily Change	-0.0054
Today Daily Change %	-0.44
Today daily open	1.2344

Trends
Daily SMA20	1.2197
Daily SMA50	1.23
Daily SMA100	1.2542
Daily SMA200	1.2435

Levels
Previous Daily High	1.2429
Previous Daily Low	1.2342
Previous Weekly High	1.239
Previous Weekly Low	1.209
Previous Monthly High	1.2337
Previous Monthly Low	1.2037
Daily Fibonacci 38.2%	1.2375
Daily Fibonacci 61.8%	1.2396
Daily Pivot Point S1	1.2315
Daily Pivot Point S2	1.2285
Daily Pivot Point S3	1.2228
Daily Pivot Point R1	1.2401
Daily Pivot Point R2	1.2458
Daily Pivot Point R3	1.2487

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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