Pound Sterling Price News and Forecast: GBP/USD retreats slightly as traders eye upcoming UK GDP figures

FXStreet Team FXStreet

GBP/USD slips modestly from weekly high as traders await UK GDP

The Pound Sterling erases some of its earlier gains on Wednesday after reaching a weekly high of 1.3359, edges down 0.03% amid a lack of catalyst, as traders brace for the release of GDP figures for the UK. At the time of writing, the GBP/USD trades at 1.3293.

The Greenback has trimmed its gains from Monday, as depicted by the US Dollar Index (DXY). The DXY, which tracks the performance of the US Dollar against a basket of six currencies, rose sharply after news of the de-escalation of the China-US trade war. Nevertheless, as market participants had already factored the news into their expectations, the DXY fell by 0.15% to 100.77. Read more...

Pound Sterling outperforms US Dollar as US inflation cools down

The Pound Sterling (GBP) gains further to near 1.3350 against the US Dollar (USD) in Wednesday’s North American session. The GBP/USD pair extends Tuesday's recovery move as the US Dollar retraces further after the release of the softer-than-expected United States (US) Consumer Price Index (CPI) data for April on Tuesday.

US headline inflation fell to 2.3% year-on-year, the lowest level seen since February 2021. The core CPI – which excludes volatile food and energy prices – grew steadily by 2.8%, as expected. On month, both headline and core CPI grew at a slower pace of 0.2%. Read more...

GBP: Eyeing a break higher – ING

The US jobs market has continued to cool, ING's FX analyst Francesco Pesole notes.

EUR/GBP to break below 0.840 ahead of EU-UK trade talks
"There hasn’t been any sign of material deterioration after the April employer tax hike, and wage growth remains too high to make the Bank of England shift to a faster gear with monetary easing. In short, the UK labour market is slowing, not collapsing, and that is translating into a steady fall in wage growth." Read more...

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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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