Pound Sterling Price News and Forecast: GBP/USD continues to lose bullish momentum

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling continues to lose bullish momentum

After rising more than 0.7% in the previous week, GBP/USD struggles to gain traction on Monday and fluctuates in a tight channel at around 1.3550. Investors will pay close attention to headlines coming out of the meeting between United States (US) President Donald Trump and Ukrainian President Volodymyr Zelenskyy later in the day.

Pound Sterling outperformed its major rivals last week, supported by upbeat macroeconomic data releases. Meanwhile, the US Dollar (USD) failed to find direction as investors assessed cautious comments from Federal Reserve (Fed) officials on policy easing and strong producer inflation data against signs of cooling conditions in the labor market. Read more..

GBP/USD Weekly Forecast: Further gains appear likely in the near term

The Pound Sterling (GBP) extended its multi-day march north against the US Dollar (USD) this week, lifting GBP/USD to levels just shy of the 1.3600 hurdle. The uptick in Cable was also underpinned by the equally strong recovery in 10-year gilt yields, which rose to levels last seen in early June, past 4.70% on Friday.

GBP/USD closed in the red in only two days since the beginning of August, gaining more than 4 cents since lows around 1.3140 recorded on August 1, and currently navigating around the 38.2% Fibo retracement of the July-August steep decline. Read more...

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