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: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.