Pound Sterling Price News and Forecast: GBP/USD remains on the defensive
|GBP/USD Forecast: Pound Sterling awaits NFP data to determine next direction
GBP/USD closed in positive territory on Thursday but failed to attract additional buyers early Friday. The pair was last seen fluctuating below 1.2600, with market focus shifting to November labor market data from the US.
Improving risk mood caused the US Dollar (USD) to lose interest on Thursday and helped GBP/USD register small daily gains. Early Friday, US stock index futures trade mixed, suggesting that investors stay cautious. Read more...
GBP/USD remains on the defensive, with bulls capped below 1.2600
The Pound maintains the weak tone seen over the whole week, with upside attempts capped below the previous support at 1.2600 with all eyes on the US Nonfarm Payrolls report due later today. The European calendar is light today, with only the UK Consumer inflation expectations worth mentioning. although the impact on the Pound is likely to be minor.
The spotlight today is on the US Nonfarm Payrolls report which is expected to show a slight increase in job creation in November. Earlier this week, the US JOLTs job openings and ADP employment report disappointed boosting expectations for Fed rate cuts in March 2024, although the US Dollar has remained moderately bid. Read more...
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