Pound Sterling Price News and Forecast: GBP/USD lacks firm intraday direction and oscillates in a narrow range

FXStreet Team FXStreet

GBP/USD Price Analysis: Bullish potential seems intact while above 1.2900 mark

The GBP/USD pair struggles to capitalize on the previous day's modest bounce from the 1.2900 neighborhood and oscillates in a narrow trading band during the Asian session on Tuesday. Spot prices currently hover around the 1.2930 area, nearly unchanged for the day, and remain at the mercy of the US Dollar (USD) price dynamics.

Investors have fully priced in an interest rate cut by the Federal Reserve (Fed) at the September policy meeting, which keeps the US Treasury bond yields depressed. This, in turn, prompts some USD selling and turns out to be a key factor acting as a tailwind for the GBP/USD pair. Apart from this, the diminishing odds of an interest rate cut by the Bank of England (BoE) in August offer some support to the currency pair. Read more...

GBP/USD treads water as markets take a breather ahead of key data later in the week

GBP/USD slid sideways on Monday, churning just north of 1.2900 as markets take a breather from last week’s late surge in Greenback bidding. The Cable is cycling an intraday technical level near 1.2925 as markets brace for a fresh round of key data due on both sides of the Atlantic beginning on Wednesday.

Monday opened the new trading week on a quiet note as the economic data docket remains thin for the early week. Tuesday brings mid-tier US Existing Home Sales Change for June, while GBP/USD traders will be looking ahead to Wednesday’s double-header of Purchasing Managers Index (PMI) data prints. The UK’s Manufacturing and Services PMI for July are expected to tick up slightly, with MoM Services PMI numbers expected to print at 52.5 compared to the previous month’s 52.1. Read more...

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