Pound Sterling Price News and Forecast: GBP/USD stays depressed at the lowest levels in seven week
|GBP/USD stays pressured towards 1.2300 ahead of UK Retail Sales, Fed’s favorite inflation
GBP/USD bears take a breather at the lowest levels since early April, making rounds to 1.2320-25 after falling in the last four consecutive days. In doing so, the Cable pair bears the burden of the upbeat US data, hawkish Federal Reserve bets and the market’s rush towards US Dollar amid the looming US default. That said, the hawkish comments from the Bank of England (BoE) officials fail to inspire the Cable pair buyers ahead of today’s UK Retail Sales and a slew of the US data.
On Thursday, the second estimation of the US Annualized Gross Domestic Product (GDP) for Q1 2023 was revised up to 1.3% versus 1.0% first forecasts. Further, the Chicago Fed National Activity Index for April improved to 0.07 from -0.37 prior and -0.02 market estimations. On the same line, Kansad Fed Manufacturing Activity improved to -2 for May compared to -21 previous readings and analysts’ estimations of -11. It’s worth noting that the US Pending Home Sales for April improved on YoY but eased on MoM whereas Core Personal Consumption Expenditures also rose to 5.0% during the preliminary readings versus 4.9% prior. Read more...
GBP/USD Price Analysis: Bears attack adjacent support near 1.2300, UK Retail Sales eyed
GBP/USD remains on the back foot at a two-month bottom as sellers prod a short-term support line ahead of the key UK Retail Sales data on early Friday. In doing so, the Pound Sterling struggles to extend the three-day losing streak around 1.2320-15 by the press time.
That said, the UK Retail Sales for April, expected 0.3% MoM versus -0.9% prior, can join the aforementioned two-week-old support line and nearly oversold RSI (14) line to challenge the Cable pair sellers. Read more...
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