Pound Sterling Price News and Forecast: GBP/USD closes in on 1.4000 as focus shifts to US PMI data
|GBP/USD Forecast: Recovery looks healthy and targets 1.4000
The sterling appreciates for the third session in a row vs. the greenback and lifts GBP/USD to the area just shy of the psychological barrier at 1.4000 the figure.
Following the sharp selloff to the 1.3800 neighbourhood in the wake of the FOMC event and its impact on the risk complex, Cable managed to regain positive footing and already trades at shouting distance from the key 1.4000 barrier. Read more...
GBP/USD closes in on 1.4000 as focus shifts to US PMI data
The GBP/USD pair capitalized on the broad selling pressure surrounding the greenback and closed the last two days in the positive territory. On Wednesday, the pair continues to edge higher and was last seen trading at its highest level in six days at 1.3988, rising 0.3% on a daily basis.
Earlier in the day, the data from the UK showed that the Markit Manufacturing PMI retreated to 64.2 in June's preliminary reading, compared to analysts' estimate of 64. Meanwhile, Irish national broadcaster RTE reported on Wednesday that the EU member states have agreed to grant the UK a three-month extension to the Northern Irelan protocol and helped the GBP preserve its strength. Read more...
GBP/USD: Upside potential limited to the 1.42 level – Credit Suisse
Economists at Credit Suisse retain a 0.8400 target in EUR/GBP ahead of this week’s Bank of England meeting. However, they see GBP/USD upside potential limited to 1.4200.
“Markets expect more of the same from chief economist Andy Haldane but also do not expect any other MPC members to change their minds either, and the base rate is expected to remain unchanged at 0.10% alongside an unchanged asset purchase target.” Read more...
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