By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: GBP/USD Price Analysis: Maintaining bearish sentiment despite rebounding from weekly lows
Share
Notification Show More
Latest News
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025
Business Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Forex > GBP/USD Price Analysis: Maintaining bearish sentiment despite rebounding from weekly lows
Forex

GBP/USD Price Analysis: Maintaining bearish sentiment despite rebounding from weekly lows

News Room
Last updated: 2024/06/27 at 3:29 PM
News Room
Share
3 Min Read
SHARE

The GBP/USD is currently trading at 1.2652, a 0.25% increase, but it is still below the weekly high of 1.2703. The technical outlook for the pair is neutral, with daily moving averages ranging between 1.2641 and 1.2557. The formation of an ‘evening star’ pattern and the bearish RSI suggest a potential drop in price. Key support levels include 1.2641/39 (100 & 50-DMAs), 1.2600, and 1.2555 (200-DMA). To see a bullish move, the GBP/USD must surpass 1.2700 and overcome resistance at 1.2730/40.

The Pound Sterling, as the official currency of the United Kingdom, is the oldest currency in the world and the fourth most traded unit for foreign exchange transactions. The key trading pairs for the Pound Sterling include GBP/USD, GBP/JPY, and EUR/GBP. The value of the Pound Sterling is primarily influenced by monetary policy decisions made by the Bank of England, with the goal of achieving price stability and maintaining a steady inflation rate. Adjustments in interest rates by the BoE can impact the attractiveness of the UK for global investors.

Economic data releases play a significant role in determining the health of the UK economy, which in turn affects the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment data can impact the direction of the GBP. A strong economy is positive for the Pound Sterling as it attracts foreign investment and may lead to increased interest rates. Conversely, weak economic data can cause the Pound Sterling to decrease in value.

The Trade Balance is another important data release for the Pound Sterling, measuring the difference between exports and imports. A positive net Trade Balance strengthens a currency as it signifies higher demand for exports, leading to increased currency value. On the other hand, a negative Trade Balance can weaken a currency. Overall, economic indicators and data releases play a crucial role in determining the value and direction of the Pound Sterling in the foreign exchange market.

In conclusion, the GBP/USD pair is currently in a neutral technical stance, with potential for a downside move based on the ‘evening star’ pattern and bearish RSI. Key support levels are identified at 1.2641/39, 1.2600, and 1.2555, while resistance levels are at 1.2700 and 1.2730/40. The value of the Pound Sterling is influenced by factors such as monetary policy decisions by the Bank of England, economic data releases, and the Trade Balance. Understanding these factors is essential for traders and investors looking to navigate the foreign exchange market and make informed decisions regarding the GBP/USD pair.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room June 27, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article Prime Minister inaugurates Simaisma project
Next Article NMC: Dammam records 50 degrees, half the boiling point in the shade
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE May 27, 2025
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle May 23, 2025
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World May 22, 2025
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto May 22, 2025

You Might also Like

Forex

Pound Sterling Price Update and Prediction: GBP strengthens as risk sentiment improves

January 6, 2025
Forex

Elliott Wave Technical Analysis of NVIDIA Corp. (NVDA) [Video]

January 6, 2025
Forex

EUR/USD: Is it a Dead Cat Bounce? – OCBC

January 6, 2025
Forex

AUD/JPY maintains gains around 98.50 following PMI data release

January 6, 2025
Forex

NZD/USD edges up to nearly 0.5650 after China’s Caixin Services PMI

January 6, 2025
Forex

Japanese Yen bulls stay on the sidelines as USD/JPY remains steady above the mid-157.00s

January 6, 2025
Forex

Silver Price Prediction: XAG/USD bears in control below $30.00 near 200-day SMA

January 6, 2025
Forex

Gold price drops from multi-week high due to hawkish Fed expectations

January 6, 2025
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?