GBP/USD bearish formation activated [Video]
The GBP/USD pair is trading in the red at 1.2652 at the time of writing and it seems very heavy as the DXY could come back higher. After the last drop, a rebound was natural. Later, the US Unemployment Claims, Core PCE Price Index, Chicago PMI, Pending Home Sales, Personal Income, and Personal Spending should really shake the price. Positive US data should push the currency pair towards new lows. Read more...
Pound Sterling seeks fresh guidance on interest rates
The Pound Sterling (GBP) trades with nominal losses against the US Dollar in Thursday’s European session. Market participants await the United States core Personal Consumption Expenditure Price Index (PCE) for January, which will be published at 13:30 GMT. Federal Reserve (Fed) policymakers closely track the underlying inflation data to prepare a fresh outlook on interest rates.
The GBP/USD pair oscillates inside Wednesday’s trading range as uncertainty over the timing of Bank of England (BoE) rate cuts keeps the Pound Sterling on the sidelines. BoE policymakers are reluctant to reduce interest rates early as it could stall progress in inflation declining towards the 2% target, or price pressures could flare up again. Read more...
GBP/USD Forecast: Buyers encouraged as Pound Sterling holds above 1.2650
GBP/USD staged a late rebound on Wednesday but ended up closing the day in negative territory. The pair clings to small daily gains above 1.2650 early Thursday as the US Dollar (USD) struggles to find demand ahead of key inflation data.
The table below shows the percentage change of Pound Sterling (GBP) against listed major currencies this week. Pound Sterling was the strongest against the New Zealand Dollar. The Personal Consumption Expenditures (PCE) Price Index is forecast to rise 2.4% on a yearly basis in January, at a softer pace than the 2.6% increase recorded in December. Read more...
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