Pound Sterling Price News and Forecast: GBP/USD clings to modest intraday gains above mid-1.2100s
|GBP/USD Forecast: Sellers look to retain control as Pound Sterling stays below key hurdle
GBP/USD closed the last two trading day of the previous week in negative territory. Although the pair managed to stage a modest rebound early Monday, it failed to gather momentum.
The risk-averse market atmosphere ahead of the weekend forced GBP/USD to stay on the back foot. Meanwhile, the University of Michigan's Consumer Sentiment Survey, which revealed a significant increase in the one-year inflation expectation component, provided an additional boost to the US Dollar (USD). Following this report, the probability of the Federal Reserve (Fed) raising the policy rate one more time in December declined to 67% from nearly 75% earlier in the week. Read more ...
GBP/USD clings to modest intraday gains above mid-1.2100s, lacks bullish conviction
The GBP/USD pair catches fresh bids on the first day of a new week and sticks to its intraday gains through the early part of the European session. Spot prices currently trade around the 1.2175-1.2180 region, up 0.30% for the day, and for now, seem to have snapped a two-day losing streak to a one-week low touched on Friday.
The US Dollar (USD) kicks off the new week on a softer note in the wake of the uncertainty over the Federal Reserve's (Fed) future rate-hike path and turns out to be a key factor acting as a tailwind for the GBP/USD pair. The recent dovish remarks by several Fed officials suggested that the US central bank will leave interest rates unchanged for the second successive time in November. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.