• GBP/USD meets with a fresh supply on Wednesday, though the downside seems cushioned.
  • A bleak outlook for the UK economy undermines the GBP and acts as a headwind for the pair.
  • A combination of factors keeps the USD bulls on the defensive and could lend some support.

The GBP/USD pair struggles to capitalize on its modest intraday uptick and attracts some sellers near the 1.2175-1.2180 region on Wednesday. Spot prices slide back below mid-1.2100s during the first half of the European session, though remain well within the previous day’s broader trading range.

The USD is weighed down by growing acceptance that theĀ FedĀ will soften its hawkish stance, bolstered by last week’s softer US macro data. In fact, theĀ US NFPĀ report showed a slowdown in the US wage growth in December and pointed to signs of easing inflationary pressures. Furthermore, business activity in the US services sector hit the worst level since 2009 during December.

Technical levels to watch


Today last price 1.2153
Today Daily Change 0.0001
Today Daily Change % 0.01
Today daily open 1.2152
Daily SMA20 1.2096
Daily SMA50 1.1984
Daily SMA100 1.1676
Daily SMA200 1.201
Previous Daily High 1.2199
Previous Daily Low 1.211
Previous Weekly High 1.2102
Previous Weekly Low 1.1841
Previous Monthly High 1.2447
Previous Monthly Low 1.1992
Daily Fibonacci 38.2% 1.2144
Daily Fibonacci 61.8% 1.2165
Daily Pivot Point S1 1.2108
Daily Pivot Point S2 1.2065
Daily Pivot Point S3 1.202
Daily Pivot Point R1 1.2197
Daily Pivot Point R2 1.2242
Daily Pivot Point R3 1.2285


Please enter your comment!
Please enter your name here