Pound Sterling Price News and Forecast: GBP rebounds strongly on cheerful mood, UK employment in focus

FXStreet Team FXStreet

GBP/USD Outlook: Weaker USD-inspired rally could fade rather quickly, UK/US macro data in focus

The GBP/USD pair rallies over 60 pips from the daily trough, around the 1.2465 region and maintains its bid tone near a three-day peak during the early European session on Monday. Spot prices currently trade near the 1.2525-1.2530 region, up 0.50% for the day, and for now, seems to have snapped a four-day losing streak to the lowest level since June 8 touched last week.

The intraday positive move is exclusively sponsored by a sharp US Dollar (USD) pullback from a six-month top, triggered by the hawkish Bank of Japan (BoJ)-inspired strong move up in the Japanese Yen (JPY). The USD decline could further be attributed to some repositioning trade ahead of this week's release of the US consumer inflation figures, due on Wednesday. Read more...

Pound Sterling rebounds strongly on cheerful mood, UK Employment in focus

The Pound Sterling (GBP) rebounds strongly as bearish market sentiment eases, while the broader bias is still vulnerable. The GBP/USD pair recovers swiftly ahead of the United Kingdom’s Employment report for July, which will demonstrate current labor market conditions. Investors will keenly focus on wage growth momentum, which has remained a major trigger for keeping inflationary pressure extremely stubborn.

The UK’s labor data release will show how well restrictive monetary tools from the Bank of England (BoE) are performing in a high-inflation environment. Investors will also look for commentaries from BoE policymakers to get cues about how much the current interest rates are close to their peak. Read more...

GBP/USD

Overview
Today last price	1.2516
Today Daily Change	0.0050
Today Daily Change %	0.40
Today daily open	1.2466

Trends
Daily SMA20	1.2643
Daily SMA50	1.2761
Daily SMA100	1.2655
Daily SMA200	1.2427

Levels
Previous Daily High	1.2514
Previous Daily Low	1.2451
Previous Weekly High	1.2643
Previous Weekly Low	1.2446
Previous Monthly High	1.2841
Previous Monthly Low	1.2548
Daily Fibonacci 38.2%	1.2475
Daily Fibonacci 61.8%	1.249
Daily Pivot Point S1	1.244
Daily Pivot Point S2	1.2414
Daily Pivot Point S3	1.2377
Daily Pivot Point R1	1.2503
Daily Pivot Point R2	1.254
Daily Pivot Point R3	1.2566

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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