The Pound Sterling reverses its course against the US Dollar, after extending its gains past the 200-day moving average (DMA).
GBP/USD declines 0.36% from its daily peak, under pressure from indications of rising US inflation. The pair struggles above the 200-day moving average at 1.2564, hinting at potential further declines. Support levels are seen at: November 14, 2023, high of 1.2506; breaching this could lead to further support tests at 1.2448 and the year-to-date low of 1.2299. A recovery above the 200-DMA could reignite bullish momentum, aiming for 1.
2564 might open the door for a pullback, with traders eyeing a test of the November 14, 2023, high at 1.2506. In the event of a drop below that level, further downside is seen at the April 26 intermediate support at 1.2448, before the major plunges to the year-to-date low of 1.2299. On the other hand, if the pair edges above the 200-DMA that would pave the way for testing 1.2600. Once surpassed, key resistance levels emerge. The 50-DMA is up next at 1.2619, followed by the 100-DMA at 1.2645.
Majors Currencies Technical Analysis
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Price Analysis: Climbs above 1.2500, with bulls targeting 200-DMAThe Pound Sterling advanced sharply against the US Dollar in early trading during Monday’s North American session after hitting a daily low of 1.2474.
Read more »
GBP/USD Price Analysis: Extends recovery above 1.2500, but bears loom around 200-DMAThe Pound Sterling resumed its advance against the US Dollar, climbing more than 0.40% and trading at 1.2518.
Read more »
S&P 500 to Lead Nasdaq Higher Today; Russell 2000 Needs to Hold Above 200 DMAStocks Analysis by Declan Fallon covering: S&P 500, US Small Cap 2000, iShares Russell 2000 ETF, NASDAQ Composite. Read Declan Fallon's latest article on Investing.com
Read more »
Nasdaq Leads Decline, S&P 500 Follows; Russell 2000 Eyes Crucial 200 DMA TestStocks Analysis by Declan Fallon covering: S&P 500, US Small Cap 2000, Nasdaq 100 Futures, iShares Russell 2000 ETF. Read Declan Fallon's latest article on Investing.com
Read more »
GBP/USD Price Analysis: Tumbles below 1.2500 as bears cut bulls hopes shortDuring the mid-North American session, the Pound Sterling retreats and registers losses against the US Dollar, slumping below 1.2500.
Read more »
GBP/USD Price Analysis: Poised to resume downtrend, despite ‘morning star’ formationThe Pound Sterling is experiencing slight losses against the US Dollar, largely due to the influence of high US Treasury yields that are bolstering the Greenback.
Read more »