Pound Sterling Price News and Forecast: GBP/USD steady UK wage growth diminishes BoE rate-cut bets

Pound Sterling rebounds as steady UK wage growth diminishes BoE rate-cut bets

The Pound Sterling (GBP) revives intraday losses and recovers to 1.2740 in Tuesday’s London session. The GBP/USD pair rebounds albeit poor United Kingdom (UK) Employment data for three months through April and a firm US Dollar (USD) amid expectations that the Federal Reserve (Fed) will delay interest-rate cuts.

The UK Office for National Statistics (ONS) reported that the labor market recorded a drawdown for the fourth time in a row. Employment fell by 140,000 workers in the three months to April, less than the 177,000 decline in employment seen in the January-March period. The ILO Unemployment Rate rose to 4.4%, higher than the expected 4.3%, which is the highest reading in more than two years. The labor market data indicates that firms struggle to bear the consequences of the Bank of England’s (BoE) higher interest rates. Read more…

GBP/USD Forecast: Pound Sterling stabilizes above 1.2700 ahead of key events

Following a bearish start to the week, GBP/USD staged a rebound and stabilized above 1.2700. The pair’s technical outlook doesn’t point to a buildup of recovery momentum.

Although the US Dollar (USD) gathered strength on Monday, GBP/USD’s losses remained limited. The sharp decline seen in EUR/GBP showed that Pound Sterling was able to capture capital outflows out of the Euro following the European Parliament election. Read more…