Pound Sterling Price News and Forecast: GBP/USD holds steady as focus shifts to key US data
|GBP/USD Forecast: Pound Sterling holds steady as focus shifts to key US data
GBP/USD moves up and down in a tight band above 1.3500 in the European session on Wednesday after posting small losses on Tuesday. The near-term technical outlook highlights the pair's indecisiveness ahead of key data releases from the US.
The renewed US Dollar (USD) strength on improving risk mood and the better-than-expected JOLTS Job Openings data caused GBP/USD to stretch lower on Tuesday. Meanwhile, mixed comments from Bank of England (BoE) officials during the testimony before the UK Treasury Select Committee made it difficult for Pound Sterling to attract buyers. Read more...
GBP/USD holds mid-range as Dollar tests resistance levels: Breakout or breakdown?
The British pound remains caught in a tight range on the daily timeframe against the U.S. dollar, with GBP/USD trading just above the 1.35 level as the market awaits further confirmation from U.S. economic data, particularly, the non-farm payroll this Friday.
Despite recent bullish structure, the pair is showing signs of hesitation as the Dollar approaches a major resistance level at 99.668. The U.S. dollar has recovered sharply from its May lows, bouncing off the 98.700 level and invalidating a 4-hour Fair Value Gap between 99.112–98.871. Currently, USD is testing a level of potential reaction just below 99.668, with a strong impulsive move suggesting demand still favors the greenback. 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.