Pound Sterling Price News and Forecast: GBP/USD upside limited on hard-Brexit risks and broad based USD demand


GBP/USD Price Analysis: Mildly bid above 1.2200 inside short-term triangle, UK Retail Sales eyed

GBP/USD extends recovery moves from 1.2185 while taking the bids near 1.2230, up 0.10% on a day, amid the early Friday trading. Looking at the Cable’s moves from late-Monday, a short-term falling triangle seems to appear on the hourly (H1) chart. That said, the quote presently confronts an intermediate resistance line, around 1.2235, following the bounce from the formation’s support.

Should the pullback cross 1.2235, 61.8% Fibonacci retracement level of May 12-17 fall near 1.2265 can offer extra resistance before fueling the pair towards the pattern’s upper line, at 1.2275 now.

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GBP/USD upside limited on hard-Brexit risks and broad based USD demand

GBP/USD is trading at 1.2238 and flat on the day having travelled between a low of 1.2185 and a high of 1.2249. The bulls are out on force and supporting sterling from breaking below a critical support area in the bottom half of the 1.20 handle. This is despite a broadly stronger US dollar towards the end of the week.

One of the major drivers for the day is the spat between the US and China come back to the fore. China has warned that US measures and sanctions would result in counter-measures. The Global Times wrote

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GBP/USD

Overview
Today last price 1.2228
Today Daily Change 0.0005
Today Daily Change % 0.04
Today daily open 1.2223
 
Trends
Daily SMA20 1.2344
Daily SMA50 1.2276
Daily SMA100 1.2632
Daily SMA200 1.2666
 
Levels
Previous Daily High 1.225
Previous Daily Low 1.2186
Previous Weekly High 1.2438
Previous Weekly Low 1.2102
Previous Monthly High 1.2648
Previous Monthly Low 1.2165
Daily Fibonacci 38.2% 1.221
Daily Fibonacci 61.8% 1.2225
Daily Pivot Point S1 1.2189
Daily Pivot Point S2 1.2156
Daily Pivot Point S3 1.2125
Daily Pivot Point R1 1.2253
Daily Pivot Point R2 1.2283
Daily Pivot Point R3 1.2317

 

 

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