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GBP/USD Price Analysis: Rallies above 1.2800 as buyers gain momentum

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GBPUSD News

Majors,Technical Analysis

The Pound Sterling recovered some ground versus the US Dollar in early trading on Wednesday after the US Department of Labor revealed that inflation is cooling in the United States.

GBP/USD soared more than 0.70% on Wednesday, post-CPI, ahead of FOMC’s decision. Key technical resistance lies at YTD highs of 1.2893, 1.2900, and the 1.3000 figure. Sellers must push prices beneath 1.2800, to remain hopeful of lower prices. This development happened ahead of the Federal Reserve's monetary policy decision, which would be followed by Fed Chair Jerome Powell's press conference. Therefore, the GBP/USD hit a two-month high and traded at 1.28434, gaining more than 0.70%.

2547 Levels Previous Daily High 1.2752 Previous Daily Low 1.2706 Previous Weekly High 1.2818 Previous Weekly Low 1.2695 Previous Monthly High 1.2801 Previous Monthly Low 1.2446 Daily Fibonacci 38.2% 1.2734 Daily Fibonacci 61.8% 1.2723 Daily Pivot Point S1 1.2713 Daily Pivot Point S2 1.2687 Daily Pivot Point S3 1.2668 Daily Pivot Point R1 1.2759 Daily Pivot Point R2 1.2778 Daily Pivot Point R3 1.

 

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GBP/USD Price Analysis: Remains subdued above 1.2700The Pound Sterling registered minuscule gains versus the US Dollar in early trading during the North American session.
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