Pound Sterling Price News and Forecast: GBP/USD seems poised to climb further beyond 1.4100 mark
|GBP/USD Forecast: Three reasons for the big breakout above 1.40, next levels to watch
The triple-top has been breached – finally – and GBP/USD is now trading above the psychological barrier of 1.40 and at the highest February 25, roughly ten weeks ago. There are three main upside drivers for the currency pair, which could continue underpinning its rally.
The Scottish National Party (SNP) won the regional elections north of the border but fell short of an absolute majority. While it continues pushing for a new independence referendum – backed by the pro-plebiscite Greens – its lack of a sweeping victory has resulted in some relief for sterling. Read more...
GBP/USD Forecast: Seems poised to climb further beyond 1.4100 mark
The GBP/USD pair caught some aggressive bets on the last day of the week and broke out of a three-day-old trading range amid a broad-based US dollar selloff. The latest US monthly jobs report showed that the economy added only 266K new jobs in April as compared to consensus estimates pointing to a reading of nearly one million. Adding to this, the previous month's reading was also revised down to 770K from 916K reported earlier and the unemployment rate unexpectedly edged higher to 6.1% from 6.0% in March. The disappointing details reaffirmed market expectations that the Fed will keep interest rates low for a longer period and triggered some aggressive selling around the USD. Read more...
GBP/USD clings to strong intraday gains, 1.4100 mark remains in sight
The GBP/USD pair shot to more than two-month tops during the first half of the European session, with bulls now eyeing a move towards reclaiming the 1.4100 round-figure mark.
The pair built on the previous session's post-NFP positive move and gained some strong follow-through traction on the first day of a new trading week. This marked the second consecutive session of solid gains and was exclusively sponsored by the outcome of the Scottish Parliament election. Read more...
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