Pound Sterling Price News and Forecast: GBP/USD struggles near two-day low
|GBP/USD: Prospects of testing 1.30-1.33 range resistance is building – Westpac
UK’s Spring Statement (Budget Update) set out a solid stance for UK finances whilst supporting cost-of-living pressures. In the opinion of economists at Westpac, GBP is likely to remain steady in its recent range.
“Peak debt to GDP has been lowered to 95.6% in the current 2021-22 tax year from over 97% and down significantly from over 100% projected at the height of the pandemic. The Office for Budget Responsibility also profiles the BoE’s Bank Rate to rise gradually to a peak of almost 1.9% into 3Q 2023 before gliding back to just below 1.25% into 2027.” Read more...
GBP/USD struggles near two-day low, just above mid-1.3100s post-UK PMIs
The GBP/USD pair maintained its offered tone through the first half of the European session and had a rather muted reaction to mixed UK PMI prints. The pair was last seen trading just above mid-1.3100s, down nearly 0.35% for the day.
The pair extended the previous day's sharp retracement slide from the vicinity of the 1.3300 mark, or over two-week high and witnessed some follow-through selling for the second straight day on Thursday. The downtick was exclusively sponsored by a stronger US dollar, which continued drawing support from the Fed's hawkish outlook. Read more...
GBP/USD: Decline below 1.3160 to open the door for additional losses
GBP/USD has steadied near 1.32 following Wednesday's decline. Sellers could take action in case the pair drops below 1.3160, FXStreet’s Eren Sengezer reports.
“Several FOMC members, including Atlanta Fed President Raphael Bostic and Fed Governor Christopher Waller, will be delivering speeches. Hawkish Fed commentary has been helping the dollar outperform its rivals by lifting US T-bond yields higher and a similar market reaction could be witnessed in the second half of the day.” Read more...
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