Pound Sterling Price News and Forecast: GBP/USD draws support from subdued USD price action

GBP/USD holds steady above 1.2700 mark amid subdued USD price action

The GBP/USD pair trades with a mild positive bias for the third straight day and holds steady just above the 1.2700 mark during the Asian session on Thursday. Spot prices, however, lack bullish conviction and remain below the weekly high touched on Monday. 

The US Dollar (USD) extends its sideways consolidative price move as traders opt to wait on the sidelines ahead of the release of the US Nonfarm Payrolls (NFP) report on Friday. This, in turn, is seen as a key factor acting as a tailwind for the GBP/USD pair. That said, expectations for a less dovish Federal Reserve (Fed) trigger a modest bounce in the US Treasury bond yields and act as a tailwind for the Greenback. Read more…

GBP/USD Price Forecast: Struggles to crack 1.2700, oscillates around 1.2650

The GBP/USD fluctuated between gains/loses, trapped at around the 1.2630-1.2700 range for the third consecutive day. Despite cracking 1.2700, buyers remain unable to drive prices higher amid dovish remarks by Bank of England (BoE) Governor Andrew Bailey.

The GBP/USD downtrend paused as the pair printed a leg-up towards 1.2749 before dropping below 1.2700. Momentum shows that neither buyers nor sellers are in charge, with the Relative Strength Index (RSI) turning flat at around neutral levels. Read more…