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Pound Sterling Price News and Forecast: GBP rises on upbeat UK economic outlook

Pound Sterling Price News and Forecast: GBP rises on upbeat UK economic outlook

GBP/USD Forecast: Buyers refuse to give up but 1.2700 proves to be a tough resistance

GBP/USD gathered bullish momentum and climbed above 1.2700 for the first time in three weeks during the European trading hours on Thursday. The pair, however, lost its traction and erased a portion of its gains later in the American session. Early Friday, GBP/USD holds steady above 1.2650.

S&P Global/CIPS PMI data from the UK showed on Thursday that the business activity in the private sector continued to expand at an accelerating pace in early February, providing a boost to Pound Sterling. Later in the day, the PMI surveys from the US confirmed that the manufacturing and services sectors both remained in expansion territory. Other data from the US showed that the weekly Initial Jobless Claims declined by 12,000 to 201,000 in the week ending February 17. Read more...

Pound Sterling rises on upbeat UK economic outlook

The Pound Sterling (GBP) jumps higher in Friday's late European session as the United Kingdom's economic outlook strengthens. The GBP/USD pair advances toward Thursday's high as market sentiment improves.

Meanwhile, investors await fresh guidance on Bank of England (BoE) interest rates. While uncertainty over the timing of BoE rate cuts continues to persist, investors hope that the central bank could reduce interest rates in the early part of the second half of this year. The chances for a rate cut in the June policy meeting are under 50%, while a dovish decision for August seems inevitable. Read more...

GBP/USD

Overview
Today last price 1.2696
Today Daily Change 0.0035
Today Daily Change % 0.28
Today daily open 1.2661
 
Trends
Daily SMA20 1.2634
Daily SMA50 1.2676
Daily SMA100 1.2528
Daily SMA200 1.2569
 
Levels
Previous Daily High 1.271
Previous Daily Low 1.2612
Previous Weekly High 1.2688
Previous Weekly Low 1.2536
Previous Monthly High 1.2786
Previous Monthly Low 1.2597
Daily Fibonacci 38.2% 1.2672
Daily Fibonacci 61.8% 1.2649
Daily Pivot Point S1 1.2612
Daily Pivot Point S2 1.2563
Daily Pivot Point S3 1.2514
Daily Pivot Point R1 1.271
Daily Pivot Point R2 1.2759
Daily Pivot Point R3 1.2808

 

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