Pound Sterling Price News and Forecast: GBP/USD hits a two-week high and retraces

FXStreet Team FXStreet

GBP/USD hits a two-week high but retraces towards the figure at 1.2000

The GBPUSD grinds higher during the New York session, extending its rally to three straight days after falling close to 3.50% during the month, though the major trimmed some of its losses, thanks to a goodish UK employment report, a risk on impulse, and also to BoE’s Governor Andrew Bailey stating that 50 bps will be on the table for the next meeting. The GBP/USD opened near 1.1940s before sliding to the daily lows around 1.1920. However, the factors abovementioned lifted the pair towards its daily high at 1.2040 before retreating to current price levels. At the time of writing, the GBP/USD is trading at 1.2004, up 0.46%. Read more...

GBP/USD Forecast: Next bullish target aligns at 1.2060

GBP/USD has regained its traction and climbed above 1.2000 following a downward correction during the Asian trading hours on Tuesday. The pair could target 1.2060 next in case sellers manage to defend 1.2000. Earlier in the day, the data published by the UK's Office for National Statistics (ONS) revealed that the ILO Unemployment Rate remained unchanged at 3.8% in three months to May as expected. Claimant Count Change declined by 20K in the same period. Following the upbeat jobs report, the probability of a 50 basis points (bps) Bank of England rate hike on August 4 rose to 86%, according to Reuters' calculations. Read more...

GBP/USD Price Analysis: Bulls looking to seize control, await move beyond 50% Fibo. level

The GBP/USD pair gains traction for the third successive day on Tuesday and shoots to a one-and-a-half-week high, around the 1.2040 region during the mid-European session. The momentum is assisting spot prices to build on the recent recovery from the vicinity of mid-1.1700s, or the lowest level since March 2020 and is sponsored by broad-based US dollar weakness. Read more...

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