Pound Sterling Price News and Forecast: GBP/USD returns above 1.3400
|GBP/USD returns above 1.3400 as the US Dollar rally loses steam
The Pound is trimming losses against the US Dollar on Friday, with price action returning above 1.3400 ahead of the US session opening, up from Thursday's lows near 1.3360. The pair is on track to end the week practically unchanged after depreciating about 0.7% in the previous two weeks.
The US Dollar drew support from the unexpected decline in US Initial Jobless Claims on Thursday, which dropped in the week of January 10 to their lowest levels since November. Beyond that, the New York Empire State and Philadelphia Fed Manufacturing reports highlighted a solid improvement in business conditions in their respective regions, boosting confidence in a solid US economic recovery. Read more...
GBP/USD: Chance for GBP to test 1.3355 – UOB Group
There is a chance for GBP to test 1.3355; the next support at 1.3315 is likely out of reach for now. In the longer run, outlook for GBP is negative; it could decline to 1.3355, potentially reaching 1.3315, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note.
24-HOUR VIEW: "GBP traded sideways two days ago. Yesterday, we expected GBP to continue to 'trade sideways between 1.3410 and 1.3460'. However, instead of trading sideways, GBP dropped sharply to a low of 1.3364. Read more...
Pound Sterling remains fragile against US Dollar
The Pound Sterling (GBP) trades with caution near its four-week low around 1.3360 against the US Dollar (USD) during the European trading session on Friday. The GBP/USD pair is under pressure as the US Dollar (USD) trades firmly amid expectations that the Federal Reserve (Fed) will pause its monetary-easing campaign in the monetary policy meeting later this month.
At the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, holds onto gains near its six-week high of 99.50 posted on Thursday. Read more...
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