Pound Sterling Price News and Forecast: GBP/USD pushing against six-month highs in the 1.3660

FXStreet Team FXStreet

British Pound holds gains against a weak US Dollar despite downbeat UK Retail Sales

The British Pound (GBP) trades firm against the US Dollar (USD) on Friday, with the GBP/USD pair pushing against six-month highs in the 1.3660 area at the time of writing, on track for a 0.8% weekly rally. UK Retail Sales confirmed that consumption fell in July, but the pair maintains its bullish tone intact, as the US Dollar remains on its back foot, hammered by the Treasury’s bond buyback plans.

Data released by National Statistics on Friday revealed that retail consumption contracted 0.5% in the UK in July, in line with market expectations, following a 0.7% increase in June. Year-over-year, sales increased at a 1.6% pace, down from 3.8% in June and below the consensus 2.2%. Read more...

British Pound edges higher to near 1.3650, UK Retail Sales data looms

The GBP/USD pair gathers strength near 1.3645 during the early Asian trading hours on Friday. The US Dollar (USD) softens against the British Pound (GBP) amid fading Federal Reserve (Fed) rate hike expectations. Traders brace for the UK Retail Sales data for July, which will be published later on Friday.

Softer US economic data and uncertainty over Fed policy exert some selling pressure on the Greenback. Charu Chanana, chief investment strategist at Saxo, said that higher Treasury yields do not necessarily underpin the USD if investors believe the increase reflects fiscal risk, heavier government borrowing or persistent inflation, rather than stronger US growth or tighter monetary policy. Read more...

GBP/USD at three-month high: Outlook hinges on economic data

GBP/USD surged to 1.3613 on Wednesday, reaching a three-month high. Investors are digesting fresh UK inflation and labour market data.

Consumer inflation accelerated to 2.9% in July, up from 2.6% in June and in line with forecasts. Core inflation held steady at 2.6%. Following the release, markets slightly scaled back expectations of a Bank of England rate hike before year-end. Read more...

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