Pound Sterling Price News and Forecast: GBP/USD refreshes weekly high
|GBP/USD Forecast: Pound Sterling closes in on key resistance
GBP/USD has preserved its bullish momentum early Thursday after having registered strong daily gains on Wednesday. The pair trades in positive territory above 1.2100 and remains on track to test the key resistance area that seems to have formed near 1.2150.
The broad-based selling pressure surrounding the US Dollar fueled GBP/USD rally mid-week. After FOMC Chairman Jerome Powell reaffirmed that smaller rate hikes could come as early as December, the CME Group FedWatch Tool's probability of a 50 basis points (bps) rate hike at the next policy meeting jumped to 80% from 66%. Read more...
GBP/USD Price Analysis: Refreshes weekly high, eyes 200-day SMA near mid-1.2100s
The GBP/USD pair builds on the previous day's goodish rebound from a one-week low and gains traction for the second successive day on Thursday. The pair maintains its bid tone through the first half of the European session and hits a fresh weekly high, around the 1.2130-1.2135 area in the last hour.
The overnight dovish-sounding remarks by Fed Chair Jerome Powell, along with a further decline in the US Treasury bond yields, keep the US Dollar bulls on the defensive near a multi-month low. Apart from this, a generally positive tone around the equity markets is seen undermining the safe-haven buck and acting as a tailwind for the GBP/USD pair. Read more...
GBP/USD to push on to the 1.24/1.25 zone in the next few weeks – Scotiabank
GBP/USD extends gains through the mid-1.21 area. Economists at Scotiabank expect the pair to test the 1.24/25 area in the next few weeks.
“Marginal new highs for the GBP through 1.2150 suggest more upward pressure on Cable in the short and medium term.” “GBP/USD is breaking out bullishly from a downward sloping channel (bull flag) that has developed over the past week, implying the resumption of short-term trend gains, while sustained strength through 1.2060 on the week (50% retracement of the 2022 decline) pave the way for the pair to push on to the 1.24/1.25 zone (61.8% Fib at 1.2458) in the next few weeks.” 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.