Pound Sterling Price News and Forecast: GBP/USD – Needs acceptance above 1.2500 for a fresh rally
GBP/USD Forecast: Buyers hesitate ahead of key US data
GBP/USD has retreated below 1.2500 early Thursday after having climbed a few pips above that level in the early American session on Wednesday. Buyers seem to have moved to the sidelines ahead of the highly-anticipated growth data from the US but the technical outlook suggests that the bullish bias stays intact in the near term.
The risk perception continued to drive the US Dollar’s valuation mid-week. After the Nasdaq Composite Index opened with a gain of more than 1% on Wednesday, the US Dollar Index (DXY) fell sharply and allowed GBP/USD to test 1.2500. As the Dow Jones Industrial Average and the S&P 500 failed to hold in positive territory later in the session, however, the DXY managed to erase a portion of its daily losses. Read more …
GBP/USD Price Analysis: Needs acceptance above 1.2500 for a fresh rally
The GBP/USD pair has delivered a breakout of the consolidation formed in a range of 1.2453-1.2477 in the early London session. The Cable has rebounded firmly amid further correction by the US Dollar Index (DXY).
S&P500 futures have added significant gains in the Asian session as investors are ignoring fears of US banking and are cheering upbeat quarterly results from United States technology companies. Market mood is improving as the Federal Reserve (Fed) is expected to sound neutral on interest rate guidance after an interest rate hike of 25 basis points (bps). Read more …
GBP/USD remains confined in a range, holds above mid-1.2400s ahead of US GDP
The GBP/USD pair struggles to gain any meaningful traction on Thursday and oscillates in a narrow trading band through the first half of the European session. The pair is currently placed just above mid-1.2400s, nearly unchanged for the day, though the downside seems cushioned amid subdued US Dollar (USD) price action.
The uncertainty over the Federal Reserve’s rate-hike path, along with a slight recovery in the global risk sentiment, fail to assist the safe-haven buck to capitalize on the overnight bounce from a nearly two-week low and lend support to the GBP/USD pair. Fresh concerns about banking contagion risks in the United States (US), along with the debt ceiling standoff and looming recession fears, have been fueling speculations about an imminent rate cut by the Fed later this year. Read more …