Pound Sterling tests the major level of 1.2450

FXStreet Team FXStreet

GBP/USD Price Analysis: Rises to near 1.2450 despite the bearish sentiment

GBP/USD has been on the rise for the second consecutive day, trading around 1.2450 in Asian trading on Wednesday. However, the pair is still below the pullback resistance at 1.2518, which coincides with the lower boundary of the descending triangle at 1.2510. Furthermore, the 14-day Relative Strength Index (RSI) is below the 50 level, indicating a bearish sentiment.

Additionally, the Moving Average Convergence Divergence (MACD) confirms this bearish trend, with the MACD line below the centerline and the signal line. Looking ahead, GBP/USD could encounter significant support around the psychological level of 1.2400. If this level is breached, the pair may test the five-month low of 1.2300. Read more...

GBP/USD posts modest gains above 1.2450, BoE policymaker dampens hopes of summer rates cut

The GBP/USD pair recovers to 1.2450 on Wednesday during the early Asian session. The downbeat US April PMI data and increasing appetite for the risk-linked space exert some selling pressure on the US Dollar (USD). Later in the day, the US Durable Goods Orders and weekly Mortgage Applications will be released.

Business activity in the United States slowed in April to a four-month low owing to lower demand, according to the S&P Global report on Tuesday. The flash Manufacturing PMI came in weaker than the expectation, dropping to 49.9 in April from 51.9 in the previous reading. Meanwhile, the Services PMI declined to 50.9 from 51.7, below the market consensus of 52.0. Finally, the Composite PMI, which tracks both the manufacturing and services sectors, fell to 50.9 in April from 52.1 in March. The Greenback has attracted some sellers in response to the US economic data. Read more...

GBP/USD

Overview
Today last price	1.2454
Today Daily Change	0.0005
Today Daily Change %	0.04
Today daily open	1.2449

Trends
Daily SMA20	1.2538
Daily SMA50	1.2629
Daily SMA100	1.2652
Daily SMA200	1.2563

Levels
Previous Daily High	1.2459
Previous Daily Low	1.2332
Previous Weekly High	1.2499
Previous Weekly Low	1.2367
Previous Monthly High	1.2894
Previous Monthly Low	1.2575
Daily Fibonacci 38.2%	1.241
Daily Fibonacci 61.8%	1.238
Daily Pivot Point S1	1.2368
Daily Pivot Point S2	1.2287
Daily Pivot Point S3	1.2241
Daily Pivot Point R1	1.2495
Daily Pivot Point R2	1.254
Daily Pivot Point R3	1.2621

Author

FXStreet Team

FXStreet

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