Pound Sterling Price News and Forecast: GBP/USD bulls step in on US Dollar weakness

GBP/USD was up some 0.54% in mid-morning US session trade on Monday, traveling from a low of 1.2274 to score a high of 1.2420 after the US Dollar fell sharply during the Wall Street opening hours. Read More…

The GBP/USD pair attracts dip-buying buying near the 1.2275 area, or a one-week low touched earlier this Monday, and builds on its intraday ascent. Spot prices climb to a fresh daily high above 1.2400 after the relese of lower-than-forecast ISM Manufacturing PMI data, which showed US purchasing managers believed there was a fall in activity in March. This makes the market wary of further rate hikes from the Federal Reserve and weighs on the US Dollar (USD), but lifts the GBP/USD over the psychologically significant 1.2400 hurdle. Read More…

Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group now see GBP/USD navigating within the 1.2190/1.2380 range in the next few weeks. Read More…