Pound Sterling could meet the immediate barrier at 23.6% Fibonacci

FXStreet Team FXStreet

GBP/USD Price Analysis: Holds position below the major level of 1.2650

GBP/USD attempts to continue gaining ground, advancing to near 1.2640 during the Asian trading hours on Tuesday. The pair could meet the immediate resistance at 23.6% Fibonacci retracement and a major level at 1.2650.

A breakthrough above the latter could exert upward support for the GBP/USD pair to test the 50-day Exponential Moving Average (EMA) at 1.2681. Should the pair surpass these levels, it may approach the psychological barrier of the 1.2700 level. Read more...

GBP/USD edges higher amid softer USD, upside potential seems limited

The GBP/USD pair trades with a mild positive bias during the Asian session on Tuesday, albeit lacks follow-through buying and remains below mid-1.2600s, or the overnight swing high. The fundamental backdrop, meanwhile, favours bearish traders and warrants some caution before positioning for an extension of the recent bounce from the 1.2475 area, or a five-week low touched last Friday.

The Bank of England (BoE) Governor Andrew Bailey said last week that expectations of interest rate cuts this year were not unreasonable. This comes after two BoE policymakers, who previously voted for higher rates, changed their positions to keep borrowing costs steady at 5.25%, which might continue to undermine the British Pound (GBP). The US Dollar (USD), on the other hand, stalls the previous day's corrective pullback from the vicinity of the monthly peak amid the optimistic outlook for the US economy. This further contributes to capping the upside for the GBP/USD pair. Read more...

GBP/USD

Overview
Today last price	1.2644
Today Daily Change	0.0007
Today Daily Change %	0.06
Today daily open	1.2637

Trends
Daily SMA20	1.2722
Daily SMA50	1.268
Daily SMA100	1.2642
Daily SMA200	1.2592

Levels
Previous Daily High	1.2652
Previous Daily Low	1.2592
Previous Weekly High	1.2804
Previous Weekly Low	1.2575
Previous Monthly High	1.2773
Previous Monthly Low	1.2518
Daily Fibonacci 38.2%	1.2629
Daily Fibonacci 61.8%	1.2615
Daily Pivot Point S1	1.2602
Daily Pivot Point S2	1.2567
Daily Pivot Point S3	1.2541
Daily Pivot Point R1	1.2662
Daily Pivot Point R2	1.2688
Daily Pivot Point R3	1.2723

Author

FXStreet Team

FXStreet

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