Pound Sterling Price News and Forecast: GBPUSD grinds higher after refreshing the multi-day top

FXStreet Team FXStreet

GBP/USD: Cable seesaws at six-month high ahead of Bank of England-inspired ‘Super Thursday’

GBP/USD remains firmer around the six-month high, making rounds to 1.2420-30 after refreshing the multi-day top, as the Cable pair traders await the Bank of England (BOE) decision during early Thursday. The British Pound recently cheered broadly softer US Dollar as the Federal Reserve (Fed) failed to impress the greenback buyers. However, the fears of a recession in the United Kingdom (UK), highlighted by the recently softer British data, seem to challenge the Cable bulls of late.

Could GBP/USD drop to the 1,1778 level?

The uptrend may be expected to continue, while market is trading above support level 1,2350 – 1,2306, which will be followed by reaching resistance level 1,2667.An downtrend will start as soon, as the market drops below support level 1,2350, which will be followed by moving down to support level 1,2111 and 1,1778.

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD slips below key averages as geopolitical risks mount

GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.

Gold falls to near $5,100 as inflation fears weigh amidst Middle East conflict

Gold price faces some selling pressure near $5,100 during the early Asian session on Wednesday. The precious metal falls amid a renewed US Dollar demand and dimming prospects for US rate cuts. The US ISM Services Purchasing Managers Index report will be published later on Wednesday.