Pound Sterling Price News and Forecast: GBP/USD has shifted into an inventory adjustment phase
GBP/USD Price Analysis: Gets set to refresh 10-month high around 1.2600
The GBP/USD pair is demonstrating a lackluster performance after printing a fresh 10-month high at 1.2537 in the early Tokyo session. The upside move in the Cable remained mostly capped in comparison with other risk-perceived currencies. The reason could be the weak United Kingdom’s monthly Gross Domestic Product (GDP) (Feb) data released on Thursday.
UK’s monthly GDP remained stagnant while the street was anticipating an expansion of 0.1%. Annual Industrial Production contracted by 3.1% against the consensus of 3.7% contraction. The Manufacturing Production data was contracted by 2.4%. The scale of contraction in Manufacturing Production was lower than the estimate of 4.7%. Read more…
GBP/USD bulls keep the reins at 10-month high above 1.2500 even as inflation woes recede
GBP/USD bulls take a breather at the highest levels in 10 months while making rounds to 1.2520-30 during early Friday. In doing so, the Cable pair remains firmer for the fourth consecutive day, after rising to the March 2022 peak the previous day, even as bulls seek more clues to extend the latest run-up.
GBP/USD cheered downbeat US inflation data, versus mixed figures at home, to portray the recent north-run to the multi-day high. Though, a cautious mood ahead of Friday’s US Retail Sales for March, the Michigan Consumer Sentiment Index (CSI) for April and the University of Michigan’s (UoM) 5-year Consumer Inflation Expectations for the current month seems to challenge the pair buyers of late. On the same line could be the talks that the Bank of England (BoE) hawks are running out of steam. Read more…