Pound Sterling Price News and Forecast: GBP/USD staying on course for a higher high
|GBP/USD bulls eye a higher high ahead of US Services
GBP/USD bulls stay in the game and have not thrown in the towel yet, testing the upside and scoring a high of 1.2425 so far after a day where the US Dollar fell swiftly in the US session. GBP/USD bulls capitalized on the move and the pair rallied from a low of 1.2274 to 1.2324.
Monday's economic reports that showed US manufacturing activity in March slumped to its lowest level in nearly three years as new orders continued to contract. The Institute for Supply Management (ISM) reported that its Manufacturing PMI fell to 46.3 last month. This was the worst since May 2020, from 47.7 in February. Read more..
GBP/USD bulls cheer US Dollar weakness, Fed hawks’ retreat above 1.2400
GBP/USD remains firmer around 1.2420 during early Tuesday in Asia as bulls approach the multi-day-old resistance area amid broad US Dollar weakness. In doing so, the Cable pair ignores downbeat inflation forecasts and Brexit concerns at home amid optimistic comments from the Bank of England (BoE) Officials.
That said, the US Dollar Index (DXY) dropped the most in a fortnight the previous day to test the lowest levels in two months as downbeat US data and yields weigh on the Federal Reserve (Fed) bets. Read more...
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