Pound Sterling Price News and Forecast: GBP/USD consolidates near the top end of its weekly trading range

FXStreet Team FXStreet

GBP/USD holds steady below 1.2500; softer USD acts as a tailwind

The GBP/USD pair struggles to capitalize on its strong gains registered over the past two days and consolidates near a one-week top, below the 1.2500 psychological mark during the Asian session on Wednesday. The downside, however, remains cushioned amid some follow-through US Dollar (USD) selling.

In fact, the USD Index (DXY), which tracks the Greenback against a basket of currencies, hangs near the weekly low amid the prospects for further policy easing by the Federal Reserve (Fed). The bets were reaffirmed by the Job Openings and Labor Turnover Survey (JOLTS) released on Tuesday, which pointed to a slowdown in the US labor market and should allow the Fed to lower borrowing costs further despite stick inflation. Read more...

GBP/USD extends recovery but remains on shaky ground

GBP/USD continued to grind higher on Tuesday, extending a recovery after the week’s early plunge on trade war concerns sparked by US President Donald Trump’s sweeping threats to impose stiff tariffs on his own constituents in an effort to punish some of the US’ closest trade allies. Tariffs, which were supposed to go into effect on Tuesday, have been kicked down the road another 30 days, marking President Trump’s third consecutive walk back of his own threats as he secures concessions that were largely already given to the previous administration.

The midweek session will be a thin affair on the economic data docket with geopolitical headlines fading into background noise as investors tune out President Trump’s long-winded diatribe of perceived grievances. Even if his tariff talk had a chance of materializing, the UK is unlikely to draw any specific trade ire from Donald Trump. Read more...

GBP/USD Price Analysis: Climbs above 1.2450 amid soft USD

The Pound Sterling (GBP) post gains versus the US Dollar (USD) for the second straight day after US President Donald Trump tariff threats on Mexico and Canada were delayed, due to negotiations beginning between the parties, aimed to improve fighting against fentanyl traffic and illegal migration. The GBP/USD trades at 1.2476 up 0.62%.

Despite extending its gains, the GBP/USD remains biased downward, unless buyers lift the pair above the 50-day Simple Moving Average (SMA) of 1.2503 and above the January 7 peak of 1.2576. Once that happens, the market would be in equilibrium, but with momentum skewed to the upside. Read more...

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FXStreet Team

FXStreet

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