Pound Sterling Price News and Forecast: GBPUSD is expecting more upside above 1.2250

FXStreet Team FXStreet

GBP/USD sees an upside above 1.2250 ahead of UK Inflation data

The GBP/USD pair is struggling to extend gains above the immediate resistance of 1.2250 in the early Asian session. The Cable has sensed selling pressure while overstepping the aforementioned resistance a few times but is now expected to extend the rally upside amid a significant improvement in the risk appetite of the market participants.

GBP/USD

Overview
Today last price	1.2227
Today Daily Change	-0.0007
Today Daily Change %	-0.06
Today daily open	1.2234

Trends
Daily SMA20	1.2088
Daily SMA50	1.2038
Daily SMA100	1.1688
Daily SMA200	1.1997

Levels
Previous Daily High	1.2249
Previous Daily Low	1.2151
Previous Weekly High	1.2249
Previous Weekly Low	1.2086
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2211
Daily Fibonacci 61.8%	1.2188
Daily Pivot Point S1	1.2174
Daily Pivot Point S2	1.2113
Daily Pivot Point S3	1.2076
Daily Pivot Point R1	1.2272
Daily Pivot Point R2	1.2309
Daily Pivot Point R3	1.237

GBP/USD Weekly Forecast: Pound Sterling looks to 1.2450 in the UK inflation week

GBP/USD has booked the second straight week of 2023 in the green, as sellers refuse to give up on the United States Dollar (USD) amid dovish US Federal Reserve (Fed) expectations. Will the Pound Sterling bulls extend control in the United Kingdom Consumer Price Index (CPI) week?

GBP/USD defends 1.3300 after strong UK PMI data

Following Thursday's sharp decline, GBP/USD clings to small gains above 1.3300 in the American session on Friday, supported by the upbeat UK Retail Sales and July PMI data. Nevertheless, the pair's upside remains capped as investors cling to a cautious stance amid a further escalation of tensions in the Middle East. The US July PMI data failed to trigger relevant price action.

EUR/USD remains below 1.1400 after mixed US PMIs

EUR/USD pressures daily lows below the 1.1400 mark in the American session on Friday. Mixed S&P Global PMIs, as manufacturing output contracted while services activity expanded in July, triggered no relevant market reaction. The focus remains in Middle East developments and inflation-related concerns.

Gold holds above $4,050 but momentum still missing

Gold builds on its modest intraday bounce and climbs above the $4,050 level on Friday, hitting a fresh daily high amid a modest US Dollar pullback. The fundamental backdrop, however, warrants some caution before confirming that the pullback from an over two-week high, touched on Wednesday, has run its course and positioning for any meaningful upside.

Week ahead: Fed, BoE and BoJ face inflation test as markets reprice interest rate paths

The US dollar gained against the other major currencies this week amid the escalating tensions in the Middle East as well as US President Trump’s decision to proceed with a new round of tariffs after previously imposed levies expired.

Australian Dollar outlook: Chances of another rally won’t be decided in Canberra, but in Washington

The Australian Dollar rode a rollercoaster in the first half of the year, hitting a four-year high and then correcting. The currency enters the second half with an outlook full of uncertainty due to renewed hostilities in the Middle East, which clouds the inflation outlook and interest rates.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.