Pound Sterling Price News and Forecast: GBP/USD stabilizes above 1.2200 but looks vulnerable


Share:

GBP/USD hovers around 1.2200 post recent losses on upbeat US data

GBP/USD retraces the recent losses that were registered on Thursday, trading higher around the 1.2200 psychological level. However, the pair faced challenges due to the optimistic economic data from the United States (US).

The Consumer Price Index (CPI) in the US, as revealed by the US Bureau of Labor Statistics (BLS), exceeded expectations in September, with annual figures expanding consistently at a rate of 3.7%, slightly surpassing the estimated 3.6%. Read more...

GBP/USD Forecast: Pound Sterling stabilizes above 1.2200 but looks vulnerable

GBP/USD lost more than 100 pips on Thursday and erased all the gains it recorded in the first half of the week. Early Friday, the pair staged a rebound and stabilized above 1.2200. US Treasury bond yields surged higher on Thursday after the September inflation report and helped the US Dollar (USD) outperform its rivals.

Although the US Bureau of Labor Statistics announced that the annual Core Consumer Price Index (CPI) inflation, which excludes volatile food and energy prices, edged lower to 4.1% from 4.3% as forecast in September, underlying details of the report revived expectations for one more Federal Reserve rate increase later in the year. Read more...

GBPUSD

Pound Sterling weakens on persistent slowdown fears

The Pound Sterling (GBP) dropped from a two-week high as the United Kingdom’s economic outlook weakened after factory output contracted for the second consecutive month. The GBP/USD pair surrendered the majority of recent gains as data from the US showed inflation remains persistent, denting the risk appetite of market participants. UK’s manufacturing and overall Industrial Production dropped in August as firms cut spending on labor and inventory due to a poor demand outlook.

More sell-off in the Pound Sterling is anticipated as Bank of England (BoE) policymaker Swati Dhingra supported a rate cut if economic growth remains below estimates. The UK is expected to remain on the backfoot compared with other G7 economies as it is struggling with higher interest rates, filthy trade relations with the European Union, and rising gasoline prices. Read more...

GBP/USD

Overview
Today last price 1.2169
Today Daily Change -0.0006
Today Daily Change % -0.05
Today daily open 1.2175
 
Trends
Daily SMA20 1.2234
Daily SMA50 1.2476
Daily SMA100 1.2602
Daily SMA200 1.2444
 
Levels
Previous Daily High 1.2332
Previous Daily Low 1.2172
Previous Weekly High 1.2262
Previous Weekly Low 1.2037
Previous Monthly High 1.2713
Previous Monthly Low 1.2111
Daily Fibonacci 38.2% 1.2233
Daily Fibonacci 61.8% 1.2271
Daily Pivot Point S1 1.2121
Daily Pivot Point S2 1.2066
Daily Pivot Point S3 1.1961
Daily Pivot Point R1 1.2281
Daily Pivot Point R2 1.2386
Daily Pivot Point R3 1.2441

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

EUR/USD stabilizes near 1.0500, looks to post weekly losses

EUR/USD stabilizes near 1.0500, looks to post weekly losses

EUR/USD extended its daily decline toward 1.0500 in the second half of the American session, pressured by the souring market mood. Despite the bullish action seen earlier in the week, the pair remains on track to register weekly losses.

EUR/USD News

GBP/USD falls below 1.2150 as USD rebounds

GBP/USD falls below 1.2150 as USD rebounds

Following an earlier recovery attempt, GBP/USD turned south and declined below 1.2100 in the second half of the day on Friday. The negative shift seen in risk mood amid rising geopolitical tensions helps the US Dollar outperform its rivals and hurts the pair.

GBP/USD News

Gold advances to fresh multi-week highs above $1,920

Gold advances to fresh multi-week highs above $1,920

Gold extended its daily rally and climbed above $1,920 for the first time in over two weeks on Friday. Escalating geopolitical tensions ahead of the weekend weigh on T-bond yields and provide a boost to XAU/USD, which remains on track to gain nearly 5% this week.

Gold News

Bitcoin could be an alternative to US-listed companies but not in the short term

Bitcoin could be an alternative to US-listed companies but not in the short term

Bitcoin has dipped below $27,000, adding to the subdued cryptocurrency market sentiment. While short-term price concerns persist, analysts predict a rebound based on historical figures.

Read more

Nvidia Stock Forecast: NVDA slips as Biden administration attempts to close AI chip loophole

Nvidia Stock Forecast: NVDA slips as Biden administration attempts to close AI chip loophole

Nvida's stock price opened marginally lower on Friday after Reuters reported that the Biden administration is attempting to close a loophole that allowed Chinese companies access to state-of-the-art computer chips used for AI.

Read more

Forex MAJORS

Cryptocurrencies

Signatures