Pound Sterling Price News and Forecast: GBP/USD faced rejection at 1.3700 but buyers refused to give up

British Pound flat lines vs. USD as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

The UK jobs report is due on Tuesday and will be followed by the latest consumer inflation figures on Wednesday. The crucial data would influence market expectations about the Bank of England's (BoE) policy outlook amid bets for a 25 basis points (bps) rate cut in March. This, in turn, will play a key role in driving the British Pound (GBP). Apart from this, traders will take cues from the FOMC Minutes on Wednesday for more cues about the Federal Reserve's (Fed) rate-cut path, which would provide a fresh impetus to the US Dollar (USD) and the GBP/USD pair. Read more...

GBP/USD Weekly Forecast: Pound struggles at 1.3700 ahead of key UK CPI and employment reports

The Pound Sterling (GBP) failed to resist at higher levels against the US Dollar (USD), but buyers held their ground amid a US data-busy blockbuster week. GBP/USD managed to build on its late last week’s rebound from ten-day lows of 1.3509 in the first half of the week before running into strong offers at around the 1.3700 region.

Renewed weakness in the USD helped the pair scale a five-day peak near 1.3710, as the continued USD/JPY downside outweighed a positive surprise in the January Nonfarm Payrolls (NFP) report from the United States (US). The Greenback reeled from the ‘rub-off’ effect of the relentless Japanese Yen (JPY) buying, fueled by Japan’s Prime Minister (PM) Sanae Takaichi’s landslide victory in the snap elections and looming forex intervention risks. Read more...