Pound Sterling Price News and Forecast: GBP/USD has dropped below 1.2440 after losing upside momentum

FXStreet Team FXStreet

GBP/USD turns subdued as USD Index rebounds ahead of US Durable Goods Orders

The GBP/USD pair has dropped below 1.2440 in the Asian session amid exhaustion in the Asian session. The Cable has faced some selling pressure as the US Dollar Index (DXY) has shown a recovery move after defending the critical support of 101.63.

S&P500 futures have added more losses in the Asian session amid anxiety among market participants ahead of quarterly results from technology giants. Amazon, Facebook, and Google will release their quarterly earnings this week. The street is worried about the impact of declining demand due to higher interest rates by the Federal Reserve (Fed) on their results. Read more...

GBP/USD Price Analysis: Consecutive Dojis indicate indecisiveness

The GBP/USD pair has rebounded sharply above 1.2440 in the early Tokyo session. The Cable is looking to extend its recovery ahead as investors are very much confident of further rate hikes from the Bank of England (BoE).

BoE Deputy Governor Dave Ramsden said in an interview with The Times that the central bank must stop the risk of high inflation becoming embedded in the economy. He added there were still signs of stubbornly high inflation. However, the United Kingdom Retail Sales data landed on Friday contracted more than expected. Monthly (March) Retail Sales data contracted by 0.9% while the street was anticipating a contraction of 0.5%. UK’s stubborn inflation has heavily impacted households’ retail demand. Read more...

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