Pound Sterling Price News and Forecast: GBP/USD experienced losses due to US moderate economic data
|GBP/USD treads waters toward 1.2700, focus on US employment data
GBP/USD struggles to recover from the previous day’s losses, hovering around 1.2680 during the Asian session on Friday. The pair is under pressure ahead of the releases of employment and manufacturing data from the United States (US).
The GBP/USD lost ground due to the moderate US data released on Thursday. The US Dollar Index (DXY) trades higher around 103.60 at the time of writing. As said, the US Core PCE improved to 4.2% in July as expected, from its previous 4.1%. In addition, US Jobless Claims for the week ending on August 25 showed a reading of 228K against the market consensus of 235K and the previous 232K and indicated that the labor market is still resilient. Read more...
GBP/USD Price Analysis: 50-SMA defends Cable bulls below 1.2700, US NFP, BOE’s Pill eyed
GBP/USD portrays the pre-NFP consolidation while bouncing off 50-SMA amid the early hours of Friday’s trading, following the first daily loss in four. That said, the Cable pair picks up bids to 1.2675 by the press time while bracing for the weekly gains.
Despite the latest rebound, the GBP/USD pair remains on the seller’s radar due to the quote’s multiple failures to cross a five-week-long descending resistance line and sustained trading below the 200-SMA. Adding strength to the downside bias is the looming bear cross on the MACD. Read more...
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