Pound Sterling Price News and Forecast: GBP/USD attracts fresh buying on Wednesday

GBP/USD Price Analysis: Remains close to over two-month peak, bullish potential intact

The GBP/USD pair trades with a mild positive bias around the 1.2775-1.2780 area during the Asian session on Wednesday and remains well within the striking distance of its highest level since March 14 touched the previous day.

The US Dollar (USD) struggles to capitalize on the overnight bounce from over a two-month low in the wake of rising bets for an imminent interest rate cut by the Federal Reserve (Fed) later this year. Furthermore, expectations that the Bank of England (BoE) might keep interest rates at their current level for a little bit longer continue to underpin the British Pound (GBP) and act as a tailwind for the GBP/USD pair. Read more…

GBP/USD trades below 1.2800 after safe haven flows bolster Greenback

GBP/USD shed a third of a percent through Tuesday’s trading, falling below 1.2800 after short-lived bullish momentum carried the pair into its highest bids since mid-March. The Cable is falling back after three straight bullish days, and market sentiment is broadly pivoting into Greenback bids as hopes for a Federal Reserve (Fed) rate cut get pushed out to November.

UK BRC Like-For-Like Retail Sales grew less than expected for the year ended in May, printing at 0.4% YoY compared to the forecast 1.2%. UK retail sales data is struggling to recover from the previous period’s -4.4% decline. On the US side, JOLTS Job Opening in April eased to 8.059 million, down from the previous revised 8.355 million and missing the forecast 8.34 million. With a still-tight job market plaguing broad-market hopes for rate cuts, risk sentiment soured on the data miss. Read more…