Pound Sterling Price News and Forecast: GBPUSD is advancing towards 1.1738

FXStreet Team FXStreet

GBPUSD marches towards two-month high at 1.1740 amid euphoric market mood, UK GDP eyed

The GBPUSD pair is advancing firmly to kiss the two-month high at 1.1738 in the early Tokyo session. A significant drop in the US inflationary pressures has infused an adrenaline rush into risk-sensitive assets. Euphoria in the market mood has improved the risk appetite of investors vigorously.

GBP/USD

Overview
Today last price	1.1693
Today Daily Change	-0.0021
Today Daily Change %	-0.18
Today daily open	1.1714

Trends
Daily SMA20	1.1407
Daily SMA50	1.1331
Daily SMA100	1.1665
Daily SMA200	1.2275

Levels
Previous Daily High	1.1715
Previous Daily Low	1.1348
Previous Weekly High	1.1614
Previous Weekly Low	1.1147
Previous Monthly High	1.1646
Previous Monthly Low	1.0924
Daily Fibonacci 38.2%	1.1575
Daily Fibonacci 61.8%	1.1488
Daily Pivot Point S1	1.147
Daily Pivot Point S2	1.1225
Daily Pivot Point S3	1.1102
Daily Pivot Point R1	1.1837
Daily Pivot Point R2	1.196
Daily Pivot Point R3	1.2205

Could GBPUSD reach the 1.1074 level?

An uptrend will start as soon, as the market rises above resistance level 1.1661, which will be followed by moving up to resistance level 1.1965. The downtrend may be expected to continue, while market is trading below resistance level 1.1661, which will be followed by reaching support level 1.1074.

EUR/USD edges lower below 1.1650 as Middle East tensions fuel US Dollar strength

The EUR/USD pair trades in negative territory around 1.1635 during the early Asian session on Thursday. The US Dollar strengthens against the Euro as escalating Middle East conflict boosts safe-haven flows. Traders brace for the Eurozone Retail Sales and US weekly Initial Jobless Claims reports, which will be released later on Thursday.

GBP/USD tests key moving averages as growth downgrade weighs

GBP/USD was nearly flat on Wednesday, edging up 0.08% to settle around 1.3370 in a quiet session. The pair has fallen sharply from its late-January high near 1.3870 and is now testing the 200-day Exponential Moving Average, with this week's one-week forex heatmap showing Pound Sterling as one of the worst performers against the US Dollar, down about 1.4% on the week.