Pound Sterling Price News and Forecast: GBP/USD flat lines near 1.3500

FXStreet Team FXStreet

GBP/USD Price Forecast: Flat lines near 1.3500 as bulls shrug off UK GDP ahead of US CPI

The GBP/USD pair struggles to capitalize on its modest intraday gains and trades near the 1.3500 psychological mark during the first half of the European session on Friday. Spot prices, however, hold above the weekly low as traders await the release of the latest US consumer inflation figures before placing fresh directional bets.

The British Pound (GBP) gets a minor lift following the release of the better-than-expected monthly UK GDP report, showing that the economy expanded at a pace of 0.4% in July, compared to consensus estimates for a flat reading. The immediate market reaction, however, turns out to be short-lived as rising bets for an imminent rate hike by the US Federal Reserve (Fed), bolstered by the US Producer Price Index (PPI) on Thursday, act as a tailwind for the US Dollar (USD). Furthermore, persistent geopolitical uncertainties underpin the safe-haven buck and contribute to capping the currency pair. Read more...

British Pound jumps after strong UK monthly GDP data

The British Pound (GBP) attracts significant bids against its peers, with the GBP/USD pair rising to near 1.3518, as the United Kingdom (UK) Office for National Statistics (ONS) has reported strong monthly Gross Domestic Product (GDP) data for July.

The ONS has reported that the economy expanded at a pace of 0.4%, stronger than 0.3% in June. Financial markets expected the GDP data to remain flat. Read more...

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