Pound Sterling remains fragile to start new week
|GBP/USD Forecast: Pound Sterling could attract buyers once it clears 1.2400
GBP/USD gathered recovery momentum and climbed above 1.2350 in the European trading hours on Tuesday after touching a five-month low of 1.2300 on Monday. 1.2400 aligns as key short-term resistance for the pair.
The improving risk mood made it difficult for the US Dollar (USD) to outperform its rivals in the American session on Monday and helped GBP/USD pull away from multi-month lows. Read more...
GBP/USD Forecast: Pound Sterling remains fragile to start new week
GBP/USD came under bearish pressure during the American trading hours on Friday and broke below 1.2400, closing the week in negative territory. The pair holds steady above 1.2350 early Monday but struggles to gather recovery momentum despite the positive shift seen in market mood.
Bank of England (BoE) Deputy Governor Dave Ramsden said on Friday that risks to persistence in domestic inflation pressures were receding. When asked about the Federal Reserve's rate outlook, Ramsden said some of the fundamentals of US growth dynamics were different from the UK's and noted that they will do what makes sense in terms of their own mandate. Read more...
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