Pound Sterling Price News and Forecast: GBP jumps higher against US Dollar ahead of US data-packed day

FXStreet Team FXStreet

Pound Sterling jumps higher against US Dollar ahead of US data-packed day

The Pound Sterling (GBP) moves higher against the US Dollar (USD), extends its upside above the three-day resistance of 1.2600 in Wednesday’s London session. The GBP/USD pair rises as the US Dollar declines. The US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, has remained under pressure this week after US President-elect Donald Trump nominated Scott Bessent, a seasoned hedge fund manager, to fill the position of Treasury Secretary. Market participants expect Bessent to execute Trump-stated trade policies strategically and gradually with the intention of avoiding a lethal trade war.

In Wednesday's session, investors will focus on the United States (US) Personal Consumption Expenditure Price Index (PCE) data for October, which will be published at 15:00 GMT. Economists expect the core PCE inflation data – which excludes volatile food and energy prices – to have accelerated to 2.8% year-over-year from 2.7% in September, with monthly figures growing steadily by 0.3%. Read more...

GBP/USD Forecast: Pound Sterling buyers could take action if 1.2600 hurdle is cleared

After failing to clear 1.2600 during the European trading hours on Tuesday, GBP/USD lost its traction and closed the day flat. Once again, the pair edges higher toward 1.2600 in the European session on Wednesday as investors gear up for the US data dump ahead of the Thanksgiving holiday.

In the minutes of its November policy meeting, the Federal Reserve (Fed) noted that officials expressed mixed views regarding how much interest rates might need to be cut. Read more...

Author

FXStreet Team

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD moves sideways below 1.1800 on Christmas Eve

EUR/USD struggles to find direction and trades in a narrow channel below 1.1800 after posting gains for two consecutive days. Bond and stock markets in the US will open at the usual time and close early on Christmas Eve, allowing the trading action to remain subdued.

GBP/USD keeps range around 1.3500 amid quiet markets

GBP/USD keeps its range trade intact at around 1.3500 on Wednesday. The Pound Sterling holds the upper hand over the US Dollar amid pre-Christmas light trading as traders move to the sidelines heading into the holiday season.

Gold retreats from record highs, trades below $4,500

Gold retreats after setting a new record-high above $4,520 earlier in the day and trades in a tight range below $4,500 as trading volumes thin out ahead of the Christmas break. The US Dollar selling bias remains unabated on the back of dovish Fed expectations, which continues to act as a tailwind for the bullion amid persistent geopolitical risks.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Economic outlook 2026-2027 in advanced countries: Solidity test

After a year marked by global economic resilience and ending on a note of optimism, 2026 looks promising and could be a year of solid economic performance. In our baseline scenario, we expect most of the supportive factors at work in 2025 to continue to play a role in 2026.

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.