Pound Sterling Price News and Forecast: GBP/USD pair gathers strength to around 1.3560, peak since August 15

FXStreet Team FXStreet

GBP/USD strengthens above 1.3550, investors await NFP Benchmark Revision release

The GBP/USD pair gathers strength to around 1.3560, the highest since August 15, during the early European session on Tuesday. The US Dollar (USD) weakens against the Pound Sterling (GBP) as weaker US jobs data shore up the case for deeper Federal Reserve (Fed) interest rate cuts. The US Nonfarm Payrolls Benchmark Revision for jobs data will be released later on Tuesday.

The US NFP report released on Friday showed a slowdown in hiring in August, while the Unemployment Rate rose to the highest level since 2021, confirming that labor market conditions in the world’s biggest economy are slumping. Read more...

GBP/USD continues to climb ahead of key US inflation data

GBP/USD rose further on Monday, extending another 0.35% to recapture chart territory north of 1.3550. General market sentiment is banking on an interest rate cut at the Federal Reserve’s (Fed) next meeting on September 17, thanks to rapidly deflating employment figures in the United States (US). However, the latest batch of US Consumer Price Index (CPI) inflation is due this week, and could throw a wrench in interest rate expectations.

GBP/USD is taking a fresh run at technical resistance just below the 1.3600 handle, and technical oscillators plus ongoing support from the 50-day Exponential Moving Average (EMA) are warning that a bullish push could have room to run. However, price action has had a hard time getting back above 1.3600, and could see a fresh swing low if the near-term technical ceiling holds. Read more...

GBP/USD climbs as Fed-BoE policy divergence fuels Pound strength

The Pound Sterling (GBP) advances at the beginning of the week as traders continue to digest the recent US employment report that keeps investors’ hopes of an interest rate cut by the Federal Reserve (Fed). At the time of writing on Monday, the GBP/USD pair trades at 1.3541, up 0.26%.

Last Friday, the Nonfarm Payrolls report for August showed that just 22K people were added to the workforce in the US. This pushed the Unemployment Rate up from 4.2% to 4.3% and cemented the case for a 25-bps rate cut by the US central bank at the upcoming September meeting. Read more...

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