Pound Sterling Price News and Forecast: GBP/USD trades with mild gains near 1.2725
|GBP/USD Weekly Forecast: Pound Sterling’s battle with 1.2800 extends into the Fed week
The Pound Sterling (GBP) continued its battle with the 1.2800 level against the US Dollar (USD) this week, as the GBP/USD pair lost momentum after clinching a fresh three-month top near 1.2820.
GBP/USD booked the fourth straight weekly gain, courtesy of the downbeat tone around the US Dollar, as markets brought bets for the US Federal Reserve (Fed) interest rates cut in September back on the table. Read more...
GBP/USD remains on the defensive below 1.2750 amid firmer US Dollar
The GBP/USD pair recovers some lost ground around 1.2725 during the early Asian trading hours on Monday. The upside of GBP/USD might be limited amid the lower bets of the US Federal Reserve (Fed) rate cuts this year after the stronger-than-expected US Nonfarm Payrolls (NFP) data. Investors will closely watch the UK employment data for May, which is due on Tuesday. On the US docket, the Consumer Price Index (CPI) and Federal Reserve (Fed) interesting that decision this week will be in the spotlight.
On Friday, the US Nonfarm Payrolls rose 272,000 in May from a 165,000 increase in April, above the market consensus of 185,000. Meanwhile, the Unemployment Rate ticked up to 4.0% in May from 3.9% in April. The Average Hourly Earnings climbed 4.1% YoY in May from 4.0% in April (revised from 3.9%), better than the estimate of 3.9%, according to the US Bureau of Labor Statistics. Read more...
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