Pound Sterling Price News and Forecast: GBP/USD is pushing lower and testing levels below 1.1300

GBP/USD is pushing lower and testing levels below 1.1300

The pound is giving away gains on Tuesday, following a 1% rally on Monday as the UK Government ditched most of the tax cuts plan announced in September. The sterling us testing prices sub-1.1300 on retreat from Monday’s highs at 1.1445. The pound attempts to extend below 1.1300 on retreat from 1.1445. Investors scale down hopes of aggressive BoE tightening. GBP/USD might decline towards the mid-1.11s. Read more...

GBP/USD Price Analysis: Recovers a few pips from daily low, lacks follow-through

The GBP/USD pair rebounds a few pips from the daily low and climbs back above the 1.1300 mark during the early North American session. The modest recovery is sponsored by the emergence of some US dollar selling, though lacks bullish conviction amid the UK political uncertainty. In fact, rebels within the ruling Tory Party are coming together to replace the newly-elected UK Prime Minister Liz Truss in the wake of the recent tax cut fiasco. Apart from this, reports that the Bank of England is set to further delay quantitative tightening to help stabilize bond markets act as a headwind for sterling and cap the GBP/USD pair. Read more...

GBP/USD Analysis: Lacks bullish conviction despite UK budget U-turn, softer USD

The GBP/USD pair struggles to capitalize on its recent strong gains recorded over the past week or so and oscillates in a narrow trading band through the early European session on Tuesday. The British pound draws support from the fact that the new Chancellor of the Exchequer Jeremy Hunt reversed the majority of the tax cuts announced by his predecessor and provided reassurance to markets. Apart from this, some follow-through US dollar selling is seen as another factor acting as a tailwind for the major. Read more...