Pound Sterling Price News and Forecast: GBP/USD is expected to witness significant gains above 1.2500
GBP/USD Price Analysis: Eyes more gains above 1.2500 ahead of UK GDP and US PPI
The GBP/USD pair is gathering strength for recapturing the psychological resistance of 1.2500 in the Asian session. The Cable got significant bids on Wednesday after United States inflation softened as anticipated by the market participants.
The Pound Sterling is expected to show some action ahead of the release of the United Kingdom Gross Domestic Product (GDP) and production-related (Feb) data. Monthly GDP is expected to expand by 0.1% vs. the former expansion of 0.3%. Industrial and Manufacturing Production is likely to expand by 0.2% on a monthly basis. Read more…
GBP/USD bulls attack 1.2500 as US inflation, FOMC Minutes signal Fed policy pivot, UK data dump eyed
GBP/USD remains sidelined around 1.2480-85 during the early hours of Thursday’s Asian session, following a two-day winning streak to refresh the weekly top. In doing so, the Cable pair portrays the trader’s cautious mood ahead of the UK’s data dump for March while cheering the downbeat signals from the US of late.
An absence of any major positive surprise from the US inflation and the latest Federal Open Market Committee (FOMC) Monetary Policy Meeting exerted downside pressure on the US Treasury bond yields and the US Dollar, which in turn favored the GBP/USD bears. In doing so, the Cable pair also cheered upbeat comments from Bank of England (BoE) Governor Andrew Bailey while paying little heed to Brexit chatters as US President Joe Biden travels to Northern Ireland. Read more…