Pound Sterling Price News and Forecast: GBP/USD takes offers to refresh monthly low
|GBP/USD slides towards 1.2000 as Cable traders await Fed/BoE talks, UK GDP
GBP/USD stands on slippery grounds as it extends the previous weekly downturn towards 1.2000 psychological magnet, down for the third consecutive day near 1.2030 by the press time. In doing so, the Cable pair justifies downbeat catalysts surrounding the UK and the Bank of England (BoE) while also taking clues from the recently hawkish bias for the Federal Reserve (Fed) ahead of Chairman Jerome Powell’s speech.
Last week, the Bank of England (BoE) announced a 0.50% interest rate hike by matching the market expectations. Following the interest rate announcements, BoE Governor Andrew Bailey said, “BoE's forecast suggests inflation will come down, fall quite sharply.” Read more...
GBP/USD Price Analysis: Sees continuation of its downside journey below 1.1850
The GBP/USD pair has dropped below the critical support of 1.2050 in the early Tokyo session on expectations that the Federal Reserve (Fed) will continue hiking interest rates due to upbeat United States official employment data. The market mood has turned risk-averse as further interest rate hiking by Fed chair Jerome Powell will deepen recession fears.
S&P 500 futures tumbled after a three-day winning streak, portraying a sheer decline in the risk appetite of the market participants. The 10-US Treasury yields have recovered above 3.51% as the inflation projections are set to rebound further. Read more...
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