Pound Sterling Price News and Forecast: GBP/USD sellers hesitate ahead of US data

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GBP/USD Forecast: Pound Sterling sellers hesitate ahead of US data

GBP/USD registered marginal gains for the second consecutive day on Wednesday and stabilized near 1.3500 in the European session on Thursday. The pair's technical outlook highlights sellers' hesitancy as key support levels remain intact.

In the American session on Wednesday, the modest improvement seen in market sentiment made it difficult for the US Dollar (USD) to gather strength against its rivals, opening the door for a recovery in GBP/USD. Read more...

Sterling is demonstrating stability

The GBP/USD pair advanced to 1.3509 on Thursday. The primary catalyst for traders was the latest UK Producer Price Index (PPI) data.

UK producer inflation accelerated to a two-year high, reaching 1.9% year-on-year (y/y) in June. This follows a previous report showing that consumer price inflation (CPI) rose to 3.8% y/y in July, an 18-month peak. Despite these inflationary pressures, money markets are currently pricing in only a 40% probability of a BoE rate cut by the end of the year. Read more...

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FXStreet Team

FXStreet

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