Pound Sterling Price News and Forecast: GBP/USD lacks any follow-through buying and oscillates in a range
|GBP/USD Price Analysis: Consolidates near 1.2800 ahead of UK GDP, bulls have the upper hand
The GBP/USD pair struggles to capitalize on the previous day's late rebound from levels below mid-1.2700s, or the weekly low and oscillates in a narrow trading band during the Asian session on Wednesday. Spot prices currently trade just below the 1.2800 mark, unchanged for the day as traders opt to wait on the sidelines ahead of important macro releases from the UK, including the monthly GDP print.
In the meantime, bets that the Federal Reserve (Fed) will start cutting interest rates in June, despite the warmer US consumer inflation, along with a generally positive risk tone, keep the US Dollar (USD) bulls on the defensive. Adding to this, expectations that the Bank of England (BoE) might keep interest rates higher for longer underpin the British Pound (GBP) and lend some support to the GBP/USD pair. Read more...
GBP/USD struggles to gain ground above the 1.2800 mark, UK GDP data eyed
The GBP/USD pair holds below the 1.2800 psychological barrier during the early Asian trading hours on Wednesday. The firmer US Dollar (USD) after the US February CPI inflation data drags the major pair lower. Investor. Investors await the UK GDP growth number for January, which is forecast to grow by 0.2% MoM. GBP/USD currently trades around 1.2795, adding 0.02% on the day.
US inflation, as measured by the Consumer Price Index (CPI), rose 0.4% MoM and 3.2% YoY in February, the Bureau of Labor Statistics revealed on Tuesday. The monthly CPI figure was in line with expectations, while the annual figure was above the market consensus of 3.1%. The Core CPI, excluding volatile food and energy prices, climbed 0.4% MoM and 3.8% YoY, beating the estimation. Read more...
Pound Sterling’s current strength unjustified – Commerzbank
The Pound Sterling (GBP) has emerged as one of the year's top two performers among the major currencies in recent weeks. Economists at Commerzbank analyze GBP outlook. Read more...
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