Pound Sterling Price News and Forecast: Sterling extends recovery on better than expected UK GDP


GBP/USD Forecast: Pound Sterling needs a soft NFP to reclaim 1.2000

GBP/USD has preserves its recovery momentum and advanced to the 1.1950 area early Friday after having managed to close above 1.1900 on Thursday. The pair's technical outlook points to a bullish tilt in the short term but investors are likely to ignore the technical readings when assessing the US February jobs report.

The US Dollar (USD) failed to benefit from the negative shift witnessed in risk sentiment on Thursday and the US Dollar Index lost nearly 0.4%. The worse-than-expected weekly Initial Jobless Claims data and the 2% decline in the benchmark 10-year US Treasury bond yield seem to have made it difficult for the USD to attract investors. Read more ...

GBPUSD

GBP/USD outlook: Sterling extends recovery on better than expected UK GDP; US NFP is next

Cable rose further in early Friday’s trading, extending the rally on Thursday (up nearly 0.80%) sparked by unexpected acceleration in US weekly jobless claims (strongest rise in five months). Additional support for sterling came from UK GDP data which showed that economy grew by 0.3% in January after contracting by 0.5% in December and beating forecast for 0.1% expansion, adding to expectations for another BOE rate hike in the policy meeting on March 23.

All eyes are on US February non-farm payrolls, due later today (205K f/c vs 517K Jan), which is expected to offer more clues on the Fed’s next steps and provide fresh direction signal. Technical studies on daily chart have improved after Thursday’s rally signaled formation of Doji reversal pattern and generated bullish signal on return and close above 200DMA. Read more...

GBPUSD

GBP/USD Price Analysis: Bulls flirt with 1.2000 mark, focus remains on US NFP report

The GBP/USD pair builds on this week's bounce from the 1.1800 mark, or its lowest level since November 2022, and gains some follow-through traction for the third successive day on Friday. The momentum lifts spot prices to a three-day high during the first half of the European session, with bulls now awaiting a sustained strength beyond the 1.2000 psychological mark before placing fresh bets.

The British Pound gets a boost on the last day of the week after the monthly UK GDP report showed the economy expanded by 0.3% in January. The reading exceeded market expectations for a growth of 0.1% and marks a sharp rebound from the 0.5% contraction recorded in December. The US Dollar, on the other hand, remains on the defensive amid reduced bets for a jumbo 50 bps lift-off at the March FOMC meeting, which, in turn, lends additional support to the GBP/USD pair. Read more...

GBP/USD

Overview
Today last price 1.1994
Today Daily Change 0.0075
Today Daily Change % 0.63
Today daily open 1.1919
 
Trends
Daily SMA20 1.2015
Daily SMA50 1.213
Daily SMA100 1.201
Daily SMA200 1.1903
 
Levels
Previous Daily High 1.1939
Previous Daily Low 1.1832
Previous Weekly High 1.2143
Previous Weekly Low 1.1922
Previous Monthly High 1.2402
Previous Monthly Low 1.1915
Daily Fibonacci 38.2% 1.1898
Daily Fibonacci 61.8% 1.1873
Daily Pivot Point S1 1.1854
Daily Pivot Point S2 1.179
Daily Pivot Point S3 1.1747
Daily Pivot Point R1 1.1961
Daily Pivot Point R2 1.2003
Daily Pivot Point R3 1.2068

 

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