Pound Sterling Price News and Forecast: GBP/USD strengthens as US Dollar struggles after softer economic data

FXStreet Team FXStreet

Pound Sterling continues to extend gains amid the ongoing UK elections

The Pound Sterling (GBP) continues its winning streak, which began on June 27. The GBP/USD pair trades around 1.2750 during the Asian session on Thursday, which could be attributed to the softer data released from the United States (US) on Wednesday.

Markets are expected to closely monitor the UK general elections on Thursday. Britain appears poised to elect Labour Party leader Keir Starmer as its next prime minister, ousting Rishi Sunak's Conservatives after 14 often turbulent years. A forecast by polling company Survation, as reported by Reuters on Tuesday, predicts the Labour Party will win a record number of seats in the national election. Read more...

GBP/USD jumps higher on broad-market Greenback weakness

GBP/USD extended a near-term rebound on Wednesday, bolstered by a broad softening in US economic figures in the midweek market session. Thursday’s upcoming UK election will draw plenty of attention from Cable traders as US markets hunker down for the wait through Thursday’s market holiday.

US ADP Employment Change fell to 150K in June, down from the previous month’s 157K and missing the forecast increase to 160K. Looking deeper into the ADP’s report, many of the already-lower job additions were concentrated in lower-paying leisure and hospitality industries. Read more...

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