Pound Sterling Price News and Forecast: GBPUSD has sensed selling pressure

FXStreet Team FXStreet

GBP/USD faces resistance around 1.2200 despite solid UK Retail Sales

The GBP/USD pair is sensing pressure while bridging the marginal gap in surpassing the round-level resistance of 1.2200 in the early Asian session. The Cable is struggling to extend its rally further as a decline in the demand for US government bonds is weighing on positive market sentiment. Considering the selling pressure on the Pound Sterling, it is highly likely that the Cable will correct further.

GBP/USD

Overview
Today last price	1.2165
Today Daily Change	-0.0015
Today Daily Change %	-0.12
Today daily open	1.218

Trends
Daily SMA20	1.2106
Daily SMA50	1.1971
Daily SMA100	1.1673
Daily SMA200	1.2014

Levels
Previous Daily High	1.221
Previous Daily Low	1.2086
Previous Weekly High	1.2102
Previous Weekly Low	1.1841
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2163
Daily Fibonacci 61.8%	1.2134
Daily Pivot Point S1	1.2108
Daily Pivot Point S2	1.2035
Daily Pivot Point S3	1.1984
Daily Pivot Point R1	1.2231
Daily Pivot Point R2	1.2283
Daily Pivot Point R3	1.2355

GBP/USD Price Analysis: Bullish impulse is decelerating, eyes on 1.2150

The outlook is bearish for GBP/USD while below 1.2400 and 1.2220 nearer-term highs. The following illustrates GBP/USD's W-formation and test of mid-December highs where a failure to break higher would eventuate in a bearish thesis for the days ahead. The market is on the back side of the recent supportive trendline and the price broke 1.1900 structure leaving a bearish bias on the charts.

EUR/USD holds losses below 1.1650 on renewed USD uptick

EUR/USD is off the low but remains in the red below 1.1650 in European trading on Thursday. The pair faces headwinds from a renewed uptick in the US Dollar amid a negative shift in risk sentiment. Surging energy prices due to the Middle East war keep the bearish pressure intact on the Euro. The US Jobless Claims data are next of note.

GBP/USD stays weak near 1.3350 amid UK stagflation risks

GBP/USD sticks to losses near 1.3350 in the European session on Thursday. The Pound Sterling loses ground amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, while the US Dollar attracts fresh havem demand ahead of the US Jobless Claims data.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.