Pound Sterling Price News and Forecast: GBP/USD outperforms its major peers

FXStreet Team FXStreet

Pound Sterling outperforms its major peers on robust expansion in flash UK PMI

The Pound Sterling (GBP) jumps to near 1.3130 against the US Dollar (USD) in Thursday’s London session. The GBP/USD pair extends its winning streak to a sixth trading session on Thursday as the flash United Kingdom (UK) August S&P Global/CIPS Purchasing Managers’ Index (PMI) report showed that overall economic activities expanded at a faster-than-expected pace. The Composite PMI came in higher at 53.4 than expectations of 52.9 and the prior release of 52.8 on a robust expansion in activities in manufacturing as well as the service sector.

Commenting on the flash PMI data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said, "August is witnessing a welcome combination of stronger economic growth, improved job creation and lower inflation, according to provisional PMI survey data." Williamson added, "Both manufacturing and service sectors are reporting solid output growth and increased job gains as business confidence remains elevated by historical standards." Read more...

GBP/USD Forecast: Upbeat PMI data support Pound Sterling despite overbought conditions

After closing the fifth consecutive trading day in positive territory, GBP/USD continued to edge higher on Thursday and touched its strongest level since July 2023 near 1.3130. Although the pair's technical outlook continues to highlight overbought conditions, upbeat PMI data from the UK seems to be helping Pound Sterling hold its ground.

S&P Global/CIPS Composite PMI improved to 53.4 in August's flash estimate from 51.9 in July, highlighting an ongoing expansion in the private sector's business activity at an accelerating pace. Read more...

Author

FXStreet Team

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD steadies near 1.1750 ahead of final Eurozone CPI amid fading USD recovery

The EUR/USD pair steadies around the 1.1750 area during the Asian session on Wednesday, and for now, seems to have stalled the previous day's sharp retracement slide from the highest level since September 24. Meanwhile, the fundamental backdrop remains tilted in favor of bullish traders and suggests that the path of least resistance for spot prices remains to the upside.

GBP/USD gains ground above 1.3400 on UK PMI optimism

The GBP/USD pair gains momentum to around 1.3425 during the early Asian session on Wednesday. The Pound Sterling edges higher against the Greenback on the upbeat UK preliminary S&P Global Purchasing Managers' Index data. Traders will take more cues from the Fedspeak later on Wednesday.

Gold advances to near seven-week highs amid US labor market cooling

Gold price extends its upside to near seven-week highs above $4,300 during the Asian trading hours on Wednesday. The precious metal gains momentum as the US labor market remains relatively resilient but shows signs of slowing. The mixed US employment report for November reinforces bets of further rate cuts by the US Federal Reserve and weighs on the US Dollar.

XRP dips as bearish pressure persists despite ETF growth

Ripple is finding footing above $1.90 at the time of writing on Tuesday after a bearish wave swept across the broader cryptocurrency market, building on persistent negative sentiment.

Ukraine-Russia in the spotlight once again

Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.