Pound Sterling Price News and Forecast: GBP tests 1.3200
British Pound tests 1.3200 as higher US yields and risk-off markets boost US Dollar
The British Pound (GBP) heads lower against the US Dollar (USD) on Wednesday, with the GBP/USD pair hitting three-month lows just below 1.3200 ahead of the US session opening. A dismal market mood, with Brent Oil prices returning above $100 coupled with surging US Treasury yields, is buoying the US Dollar, while soft UK manufacturing activity data has failed to support the Pound.
US Treasury yields have crawled higher on Thursday, with the yield of the benchmark 10-year note hitting 24-year highs above 5.30% as the stalemate in the Middle East conflict keeps boosting energy prices and pushing global inflation higher. Read more...
GBP/USD Price Forecast: Declines to near 1.3250 as bearish bias persists below 100-day moving average
The GBP/USD pair trades in negative territory around 1.3250 during the early European trading hours on Thursday. The British Pound (GBP) edges lower against the US Dollar (USD) amid widening monetary policy divergence between the Bank of England (BoE) and the US Federal Reserve (Fed). The US weekly Initial Jobless Claims report and the Fedspeak will be in the spotlight later in the day.Â
BoE policymaker Alan Taylor said on Tuesday it was unclear that it ‌would be practical for the central bank to do a single rate hike to tame inflation without fueling unwarranted market speculation of further increases. Read more...
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