Pound Sterling Price News and Forecast: GBP/USD is rejected at 1.2530 and retreats to 1.2460
|GBP/USD outlook: Cable maintains positive tone after US jobs data but needs to clear key obstacles to signal bullish continuation
Cable keeps bullish stance and trading in green for the third straight day, with choppy trading under new one-week high (1.2530) seen after release of US jobs data.
Positive signals from NFP beat (June 4.8M vs 3M f/c) and significant drop in unemployment (June 11.1% vs 12.3% f/c) were partially offset by jobless claims slight miss (1.42M vs 1.35M f/c; continuing claims 19.29M vs 19M f/c) and drop in average earnings (June -1.2% vs 0.7% f/c), but overall solid data expected to boost risk sentiment.
GBP/USD rally halts at 1.2530 and retreats to 1.2460
Sterling’s rally from Monday’s low at 1.2250 has been capped at 1.2530 before pulling back to 1.2460 during Thursday’s US trading session. The pound has lost steam after rallying 1.4% over the previous two days and has turned negative on the day.
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