Pound Sterling Price News and Forecast: GBP/USD slides as UK business activity weakens

The Pound Sterling (GBP) erased Monday’s gains against the Greenback (USD) after business activity entered recessionary territory in the UK. That alongside global services PMIs coming weaker than expected, favored flows toward safe-haven assets. Hence, the GBP/USD is trading at 1.2567 down 0.42%, after hitting a daily high of 1.2631. Read More…

The Pound Sterling (GBP) faces immense selling pressure and prints a fresh 11-week low due to the active risk-aversion theme. The GBP/USD pair is reeling from the Bank of England’s (BoE) aggressive policy of raising interest rates, which is threatening the economic outlook. Investors believe that the global economy will shift into a recession if central banks continue to tighten monetary policy. Read More…

While further retracements in GBP/USD appear on the cards in the near term, there is a strong support around the 1.2545 level, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. Read More…