Pound Sterling Price News and Forecast: GBP/USD may face initial resistance at the 11-week high

FXStreet Team FXStreet

GBP/USD Price Forecast: Holds gains near 1.3600 as bullish bias prevails

GBP/USD remains stronger for the third consecutive day, trading around 1.3600 during the Asian hours on Thursday. The technical analysis of the daily chart indicates an improving bullish trend as the pair rebounds from the lower boundary of the ascending channel.

GBP/USD keeps a constructive bullish bias as it holds just above the 1.3600 horizontal pivot. The pair also trades over the nine-period Exponential Moving Average (EMA) and the 50-period EMA, suggesting the broader uptrend remains supported. Read more...

GBP/USD hesitates with NFP and UK construction PMI in focus

GBP/USD gained around 0.4% on Wednesday, settling close to 1.3595 after testing 1.3645 and failing to clear the 1.3600 handle on the close. The pair has hesitated at the upper end of recent congestion, with a cluster of upper wicks and small-bodied candles near the session high pointing to fading conviction as bulls struggle to build momentum at this resistance zone.

On the UK side, the April S&P Global Composite and Services Purchasing Managers' Index (PMI) prints both beat consensus on Wednesday at 52.6 and 52.7 respectively, suggesting private sector activity is holding up better than expected despite a generally softer macro backdrop. The next domestic test arrives Thursday with April Construction PMI, which printed deep in contraction at 45.6 last month and remains the soft underbelly of the UK growth picture, followed by Friday's Halifax House Prices data. Read more...

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FXStreet Team

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