Pound Sterling snaps the two-day losing streak near 1.2605
|GBP/USD holds positive ground above the 1.2600 mark, investors await Fed, BoE policymakers' speech
The GBP/USD pair holds positive ground above the 1.2600 psychological support during the early European session on Monday. The major pair rebounds amid the softer US Dollar (USD) and lower US Treasury bond yields. Investors await the release of Gross Domestic Product (GDP) from the UK and US on Thursday for fresh catalysts. At the press time, GBP/USD is trading at 1.2605, adding 0.03% on the day.
Data released from the Office for National Statistics on Friday reported that UK Retail Sales came in better than expectations, remaining flat in February. This figure was above the market consensus of a 0.3% decline and suggested a good sign for the economy since the UK entered a technical recession after two consecutive quarters of economic contraction in the second half of last year. Market participants will take more cues from UK GDP growth numbers on Thursday, which is estimated to contract 0.3% QoQ and 0.2% YoY in the fourth quarter. The stronger-than-expected data might boost the Pound Sterling (GBP) and act as a tailwind for the GBP/USD pair. Read more...
GBP/USD Weekly Forecast: Pound Sterling looks set for more pain in the week ahead
The Pound Sterling (GBP) failed to hold its upswing against the US Dollar (USD), as the GBP/USD correction from seven-month highs of 1.2894 regained traction in the central banks’ bonanza week.
The policy outlooks announced by the US Federal Reserve and the Bank of England (BoE) remained the key drivers for the GBP/USD price action in the past week. But the selling momentum around the Pound Sterling was unabated, as the US Dollar kept its bullish tone intact, despite a brief pullback midweek. Read more...
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