Pound Sterling Price News and Forecast: GBP/USD looks fragile after disappointing UK data

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling looks fragile after disappointing UK data

GBP/USD dropped below 1.3250 in the Asian session on Wednesday after posting daily losses on Tuesday. Although the pair staged a rebound afterward, disappointing Purchasing Managers Index (PMI) data from the UK limited the upside.

S&P Global/CIPS Composite PMI in the UK slumped to 48.2 in April's flash estimate from 51.5 in March, highlighting a contraction in the private sector's business activity. Read more...

GBP/USD outlook: Bulls face headwinds from key resistance but so far hold grip

Bulls show initial signs of fatigue on approach to key barrier at 1.3434 (2024 high of Sep 26) after repeated failure to hold gains above 1.3400 handle. Strongly overbought conditions on daily chart signal that the recent rally of eleven straight days might be running out of steam.

Dips were so far shallow and near term action still lacks correction signal (minimum requirement will be today’s close in red) as traders hesitate to take stronger profit-taking. Read more...

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FXStreet Team

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