Wed. Jun 19th, 2024
GBP/USD United Kingdom pair rebounds from lows since November amid expectations of the Fed delaying rate cuts.GBP/USD pair rebounds from lows since November amid expectations of the Fed delaying rate cuts.

The GBP/USD trades at 1.2481, down 027%.

  • GBP/USD registers a decline of 0.27%, influenced by US inflation data that suggests the Federal Reserve may delay rate cuts.
  • The pair’s recent inability to break the 200-day moving average at 1.2557 highlights its downward bias, with support levels now in focus.
  • Potential for further losses if the ‘dark cloud cover’ candlestick pattern forms, targeting 1.2400 and possibly extending to the YTD low of 1.2300.

During the mid-North American session, the Pound Sterling retreats and registers losses against the US Dollar, slumping below 1.2500. Data from the United States showed that inflation is picking up, which would deter Fed intentions from cutting interest rates. The GBP/USD trades at 1.2481, down 027%.

GBP/USD Price Analysis: Technical outlook

Although the GBP/USD closed three days of consecutive gains, it remains downward biased, as buyers failed to crack stir resistance at the 200-day moving average (DMA) at 1.2557. That exposed the 1.2500 figure, which was surrendered by fundamental news.

If the GBP/USD finishes Friday’s session at around the 1.2480, that will form a ‘dark cloud cover,’ opening the door for further losses. The next support would be 1.2400, followed by the year-to-date (YTD) at 1.2300.

On the other hand, if buyers lift the spot price above 1.2500, that would open the door to challenge the 200-DMA.

GBP/USD

Overview
Today last price1.2481
Today Daily Change-0.0033
Today Daily Change %-0.26
Today daily open1.2514
Trends
Daily SMA201.2524
Daily SMA501.2626
Daily SMA1001.2651
Daily SMA2001.2559
Levels
Previous Daily High1.2527
Previous Daily Low1.2454
Previous Weekly High1.2499
Previous Weekly Low1.2367
Previous Monthly High1.2894
Previous Monthly Low1.2575
Daily Fibonacci 38.2%1.2499
Daily Fibonacci 61.8%1.2482
Daily Pivot Point S11.247
Daily Pivot Point S21.2426
Daily Pivot Point S31.2397
Daily Pivot Point R11.2542
Daily Pivot Point R21.2571
Daily Pivot Point R31.2614

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