GBP/USD outlook: Sterling was lifted by upbeat UK jobs data and expectations for hawkish BoE
Cable extends rebound from new 2022 low into third straight day and accelerates recovery on Tuesday after upbeat jobs data.
UK unemployment fell to 3.7% in March, the lowest since 1975, improving the sentiment on rising bets for BoE 50 basis points hike on June 16 policy meeting that would lift interest rate to 1.5%.
Markets focus Wednesday’s UK CPI data on Wednesday with inflation expected to rise to a 40-year high at 9.1% in April from 7% in March that would add to BoE’s hawkish expectations and give fresh boost to the pound. Read more...
GBP/USD rallies to near two-week high, eyeing 1.2500 ahead of US data/Fed's Powell
The GBP/USD pair added to its strong intraday gains and shot to a nearly two-week high, around the 1.2480 region during the first half of the European session.
The British pound strengthened across the board on Tuesday after the UK Office for National Statistics reported that the number of people claiming unemployment-related benefits dropped by 56.9K in April. This was well below expectations for a fall by 38.8 and the 46.9K decline reported in the previous month. Adding to this, the ILO Unemployment Rate in the UK edged lower to 3.7% in three months to March from 3.8% prior. Read more...
GBP/USD: Sellers unlikely to show interest as long as support at 1.2430 stays intact
GBP/USD has gathered bullish momentum and climbed to its highest level in more than ten days above 1.2450. The pair is set to stretch higher as long as 1.2430 support holds, FXStreet’s Eren Sengezer reports.
“FOMC Chairman Jerome Powell is scheduled to speak at an event organized by the Wall Street Journal. In case Powell reminds investors of the worsening inflation outlook, the risk rally might lose its steam and limit GBP/USD's upside.” Read more...
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