Pound Sterling Price News and Forecast: GBP maintains its bid tone buoyed by upbeat UK unemployment figures

British Pound maintains its bid tone buoyed by upbeat UK unemployment figures

The British Pound (GBP) has resumed its immediate bullish trend against the US Dollar (USD) on Tuesday, favoured by better-than-expected UK unemployment figures, although the whole employment report contains significant warnings. The GBP/USD appreciates 0-3% on the day, reaching session highs above 1.3350 more than 200 pips above last week’s bottom.

Data released by the UK Office for National Statistics on Tuesday revealed that the ILO Unemployment Rate declined unexpectedly to 4.7% in the three months to August, reaching its lowest rate in more than one year. Read more...

GBP/USD Price Forecast: Reflects strength above 20-day EMA ahead of UK job data

The British Pound (GBP) is up 0.22% higher at around 1.3333 against the US Dollar (USD) during the Asian session on Tuesday. The GBP/USD pair trades higher ahead of the United Kingdom (UK) labor market data for three months ending August, which will be published at 06:00 GMT.

According to estimates, the ILO Unemployment Rate increased to 5% from 4.9% in three months ending July. Average Earnings Including Bonuses, a key measure of wage growth, drops to 3.8% Year-on-Year (YoY) from the previous reading of 3.9%. However, the wage growth measure Excluding Bonuses is seen higher at 3.6% YoY from 3.5% in quarter ending July. Read more...

British Pound gains ground amid diverging Fed-BoE expectations

GBP/USD gains ground after posting modest losses the previous day, trading around 1.3310 during Asian hours on Tuesday. The currency pair appreciates as the US Dollar (USD) weakens on growing market expectations that the Federal Reserve (Fed) will leave interest rates unchanged.

Last week, Federal Reserve Chair Kevin Warsh expressed optimism about the resilience of the US economy, though he refrained from offering specific guidance on the timing or likelihood of future rate adjustments. Financial markets are currently aligning with this cautious stance; according to the CME FedWatch tool, fed funds futures traders expect the central bank to maintain current rates at its October policy meeting, while pricing in an 82.8% probability of a rate hike in December. Read more...