Pound Sterling is yet to clear key 1.2550 hurdle

Pound Sterling consolidates in holiday-shortened week, BoE policy in focus

The Pound Sterling (GBP) moves higher to 1.2570 against the US Dollar (USD) in Monday’s London session but is still inside Friday’s trading range. The GBP/USD pair is expected to remain less volatile and will be guided by the market sentiment as the United Kingdom markets are closed on account of Early May.

Broadly, the GBP/USD struggles for a direction as the US Dollar consolidates in the aftermath of United States Nonfarm Payrolls (NFP) and the ISM Services Purchasing Managers Index (PMI) data for April. The US Dollar Index (DXY), which tracks the US Dollar’s value against six major currencies, trades sideways above 105.00. Read more…

GBP/USD Forecast: Pound Sterling is yet to clear key 1.2550 hurdle

GBP/USD closed the previous week marginally higher and seems to have stabilized at around 1.2550 to start the new week. The pair needs to confirm 1.2550 as support to continue to push higher in the near term.

The US Dollar (USD) came under heavy selling pressure in the early American session on Friday with the immediate reaction to disappointing data releases for April. Heading into the weekend, however, hawkish comments from Federal Reserve (Fed) officials helped the currency erase its losses and forced GBP/USD to retrace its daily rally. Read more…