Pound Sterling Price News and Forecast: GBP/USD could surpass 1.2800 on weak US jobs data

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling could surpass 1.2800 on weak US jobs data

Following Thursday's subdued action, GBP/USD regained its traction and reached its highest level in three weeks near 1.2780 on Friday. 1.2800 aligns as next immediate resistance for the pair as investors gear up for the key data releases from the US.

The Labour Party won a parliamentary majority in the UK general election, securing 411 seats in the 650-seat House of Commons and paving the way for Labour leader Keir Starmer to become the next prime minister. As this outcome was largely expected, it had little to no impact on Pound Sterling's valuation. Read more...

GBP/USD Forecast: Pound Sterling holds steady on UK election day

GBP/USD advanced toward 1.2800 and reached its highest level since June 13 on Wednesday. With the market action turning subdued on Thursday, the pair entered a consolidation phase at around 1.2750.

The renewed selling pressure surrounding the US Dollar (USD) fuelled a leg higher in GBP/USD as markets reacted to dismal macroeconomic data releases. The ADP's monthly publication showed that payrolls in private sector increased 150,000 in June, missing the market expectation of 160,000, and the Department of Labor announced that there were 238,000 first-time applications for unemployment benefits in the week ending June 29, up from 233,000 in the previous week. Read more...

Author

FXStreet Team

FXStreet

EUR/USD targets 1.1800 amid decent gains

EUR/USD is holding on to its decent recovery near the 1.1800 mark on Friday. The pair is finding some light support as the US Dollar eases back, helped by growing talk that the Fed could deliver an interest rate cut as early as March. Attention now turns to the US consumer sentiment figures, which will be the next test for the buck later in the session.

GBP/USD flirts with 1.3600 on USD selling

GBP/USD is bouncing back after two straight days of losses, once again looking towards the 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two week highs in response to some profit taking mood and speculation of Fed rate cuts. In addition, hawkish comments from BoE’s Pill are also collaborating with the quid’s improvement.

Gold hits daily highs around $4,900 ahead of US data

Gold is extending a decent intraday rebound, setting aside Thursday’s pullback and putting the $4,900 mark per troy ounce to the test at the end of the week. The move reflects a turn in risk sentiment, which is driving flows back towards traditional safe haven assets and giving the metal a helping hand.