GBP/USD Forecast: Pound needs to clear 1.1600 to attract buyers
GBP/USD has gathered recovery momentum and advanced toward 1.1600 on Tuesday. The near-term technical outlook points to a bullish shift as investors await the US ISM Services PMI data for August. Following Monday's choppy action amid the Labor Day holiday in the US, the risk-positive market environment made it difficult for the dollar to gather strength during the Asian trading hours on Tuesday and allowed GBP/USD to push higher. Read more...
GBP/USD wobbles around 1.1520 after upbeat US ISM Services PMI
The GBP/USD tumbled toward its opening price after the US ISM Non-Manufacturing PMI, a gauge of the services sector in August, improved, while supply bottlenecks and price pressures eased. The GBP/USD is trading at 1.1528, slightly above its opening price, after hitting a fresh weekly high around 1.1609, but better-than-estimated US data sent cable nosediving, reaching a daily low at around 1.1493. Read more...
GBP/USD pares intraday gains to multi-day peak, faces rejection near 1.1600 mark
The GBP/USD pair retreats a few pips from a multi-day peak, around the 1.1600 mark touched earlier this Tuesday and for now, seems to have stalled its bounce from the lowest level since March 2020. The pair, however, holds in the positive territory for the second straight day and is currently placed around the 1.1565 region, still up over 0.40% for the day. Read more...
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