Pound Sterling Price News and Forecast: GBP/USD retreated from one-month peak
|GBP/USD Forecast: Buyers need to defend 1.2600 to remain in control
GBP/USD has erased its daily gains after having advanced to a monthly high of 1.2667 earlier in the day. The pair faces key support at 1.2600 and buyers could struggle to dominate the price action in case this level turns into resistance.
The broad-based selling pressure surrounding the greenback fueled GBP/USD's upside in the second half of the week. The improving market mood made it difficult for the dollar to stay resilient against its rivals and the US Dollar Index fell to its weakest level since late April below 102.00. Read more...
GBP/USD retreated from one-month peak, still well bid above 1.2600 amid weaker USD
The GBP/USD pair trimmed a part of its intraday gains to a one-month low and was seen trading near the 1.2625-1.2620 area, up 0.25% during the early European session.
The pair gained positive traction for the third successive day on Friday - also marking the sixth day of a positive move in the previous seven - and confirmed a bullish breakout through the 1.2600 mark. The momentum pushed spot prices to the highest level since April 26 and was sponsored by the prevalent US dollar selling bias. Read more...
GBP/USD holds near one-month highs in 1.2600s pre-US Core PCE data release
Though the pair has now handed back most of the gains it made during the Asia Pacific session, GBP/USD continues to trade slightly in the green and supported to the north of the 1.2600 level on Friday. FX market conditions have been fairly subdued in recent hours ahead of the release of key US Core PCE inflation data for April that, if it shows an easing of price pressures, could contribute to a continuation of recent USD weakening if it contributes to the “inflation has peaked” narrative and thus triggers a further paring back on Fed tightening bets. Read more...
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