Pound Sterling Price News and Forecast: GBPUSD is jugging below 1.2350

FXStreet Team FXStreet

GBP/USD oscillates below 1.2350, downside looks favored on hawkish Fed commentary

The GBP/USD pair is displaying back-and-forth moves after a south-side drive below the critical resistance of 1.2350 in the early Tokyo session. The Cable witnessed sheer selling pressure on Wednesday after failing to sustain above 1.2435 as hawkish commentaries from Federal Reserve (Fed) policymakers trimmed the risk appetite of the market participants heavily.

GBP/USD

Overview
Today last price	1.2325
Today Daily Change	-0.0013
Today Daily Change %	-0.11
Today daily open	1.2338

Trends
Daily SMA20	1.2108
Daily SMA50	1.2086
Daily SMA100	1.1707
Daily SMA200	1.1985

Levels
Previous Daily High	1.2436
Previous Daily Low	1.2255
Previous Weekly High	1.2249
Previous Weekly Low	1.2086
Previous Monthly High	1.2447
Previous Monthly Low	1.1992
Daily Fibonacci 38.2%	1.2367
Daily Fibonacci 61.8%	1.2324
Daily Pivot Point S1	1.225
Daily Pivot Point S2	1.2162
Daily Pivot Point S3	1.2068
Daily Pivot Point R1	1.2431
Daily Pivot Point R2	1.2524
Daily Pivot Point R3	1.2613

Pound jumps as inflation eases

The British pound is in full flight on Wednesday. In the North American session, GBP/USD is trading at 1.2393, up 0.86%. UK inflation eased for a second straight month in December. Headline CPI dipped to 10.5%, down from 10.7% in November and just below the forecast of 10.6%. Core CPI, however, did not show an improvement as it remained unchanged at 6.3%.

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.

Ethereum: Derivatives interest in ETH improves, but signs of caution remain

Ethereum is hovering slightly below the $1,900 level, down 3% on Thursday following a slight expansion in derivatives interest. The top altcoin's open interest has increased to 14.60 million ETH, marking a 600K ETH increase over the past two days and its highest level since June 7.

XRP retreats as ETF interest cools

Ripple (XRP) slides toward the short-term $1.10 support on Friday, as broader crypto market sentiment weighs on crypto assets. The sell-off mainly stems from fears of inflation in the United States (US) amid the ongoing war in the Middle East and rising Oil prices.

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.