Pound Sterling Price News and Forecast: GBP/USD break of pivotal supports risks further weakness


GBP/USD Forecast: Pound Sterling closes in on key 1.2050 support

GBP/USD turned south in the early European session and dropped below 1.2100 after spending the Asian trading hours in a tight range near 1.2150. The risk-averse market atmosphere and rising US Treasury bond yields help the US Dollar outperform its rivals on Thursday and make it difficult for the pair to shake off the bearish pressure.

The benchmark 10-year US Treasury bond yield extended its weekly rally and climbed to its highest level since 2007 near 5% on Thursday. Later in the day, Federal Reserve Chairman Jerome Powell will speak before the Economic Club of New York. Read more...

GBPUSD

GBP/USD outlook: Break of pivotal supports risks further weakness

Fresh leg lower extends into third straight day, with increasing downside risk seen after break of pivotal supports at 1.2170/22 (trendline support / Oct 13 former higher low). Close below 1.2122 to confirm signal and expose targets and key near-term supports at 1.2037/00 Oct 4 new multi-month low/psychological).

Daily chart studies are bearish, as south-heading 14-d momentum is going deeper into negative territory and moving averages remain in bearish setup, adding to weakening near-term structure, though bears may face headwinds from oversold conditions. Read more...

GBPUSD

Pound Sterling falls back as stubbornly high inflation triggers slowdown fears

The Pound Sterling (GBP) strives for a cushion, remaining vulnerable due to persistent inflation fears. The GBP/USD pair struggles for traction as the UK Consumer Price Index (CPI) report for September released on Wednesday showed inflation remains stubborn due to higher Oil prices, services inflation and strong wage growth.

Inflation in the UK is the highest among G7 economies. The decline in inflation towards the 2% target has lost steam,  keeping Bank of England(BoE) policymakers on their toes. Meanwhile, market sentiment remains cautious due to persistent fears of Iran’s intervention in the Israel-Palestine conflict. Read more...

GBP/USD

Overview
Today last price 1.2121
Today Daily Change -0.0019
Today Daily Change % -0.16
Today daily open 1.214
 
Trends
Daily SMA20 1.2193
Daily SMA50 1.243
Daily SMA100 1.2593
Daily SMA200 1.2444
 
Levels
Previous Daily High 1.2211
Previous Daily Low 1.2137
Previous Weekly High 1.2337
Previous Weekly Low 1.2123
Previous Monthly High 1.2713
Previous Monthly Low 1.2111
Daily Fibonacci 38.2% 1.2166
Daily Fibonacci 61.8% 1.2183
Daily Pivot Point S1 1.2115
Daily Pivot Point S2 1.2089
Daily Pivot Point S3 1.2041
Daily Pivot Point R1 1.2189
Daily Pivot Point R2 1.2237
Daily Pivot Point R3 1.2263

 

 

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.

Recommended content


Recommended content

Editors’ Picks

AUD/USD appreciates as US Dollar remains subdued after a softer inflation report

AUD/USD appreciates as US Dollar remains subdued after a softer inflation report

The Australian Dollar steadies following two days of gains on Monday as the US Dollar remains subdued following the Personal Consumption Expenditures Price Index data from the United States released on Friday.

AUD/USD News
USD/JPY consolidates around 156.50 area; bullish bias remains

USD/JPY consolidates around 156.50 area; bullish bias remains

USD/JPY holds steady around the mid-156.00s at the start of a new week and for now, seems to have stalled a modest pullback from the 158.00 neighborhood, or over a five-month top touched on Friday. Doubts over when the BoJ could hike rates again and a positive risk tone undermine the safe-haven JPY. 

USD/JPY News
Gold price bulls seem non-committed around $2,620 amid mixed cues

Gold price bulls seem non-committed around $2,620 amid mixed cues

Gold price struggles to capitalize on last week's goodish bounce from a one-month low and oscillates in a range during the Asian session on Monday. Geopolitical risks and trade war fears support the safe-haven XAU/USD. Meanwhile, the Fed's hawkish shift acts as a tailwind for the elevated US bond yields and a bullish USD, capping the non-yielding yellow metal.

Gold News
Week ahead: No festive cheer for the markets after hawkish Fed

Week ahead: No festive cheer for the markets after hawkish Fed

US and Japanese data in focus as markets wind down for Christmas. Gold and stocks bruised by Fed, but can the US dollar extend its gains? Risk of volatility amid thin trading and Treasury auctions.

Read more
Bank of England stays on hold, but a dovish front is building

Bank of England stays on hold, but a dovish front is building

Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures