The Pound Sterling weakened against the US Dollar on Friday, even though economic data from the UK was better than expected.
GBP/USD erased its earlier gains as buyers failed to reclaim 200-DMA. Deterioration in the US economy spurred flows to USD amid its safe-haven appeal. Momentum remains bearish, as RSI stays below 50, key resistance lie above spot price. Fears that the US economy may slow more sharply than expected as consumer sentiment deteriorates. The GBP/USD trades at 1.2510, down 0.10%. GBP/USD Price Analysis: Technical outlook From a technical standpoint, the GBP/USD retracement toward 1.
2400 level, followed by the year-to-date low of 1.2299. On the flip side, if buyers hold GBP/USD’s exchange rate above 1.2500, they could test the 200-DMA, followed by the 50-DMA at 1.2594. the next resistance would be the 100-DMA at 1.2635. GBP/USD Price Action – Daily Chart GBP/USD Overview Today last price 1.2508 Today Daily Change -0.0016 Today Daily Change % -0.13 Today daily open 1.2524 Trends Daily SMA20 1.2481 Daily SMA50 1.2602 Daily SMA100 1.2639 Daily SMA200 1.
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