Pound Sterling Price News and Forecast: GBP/USD trades higher due to downbeat US economic data

FXStreet Team FXStreet

GBP/USD looks to approach 1.2750, focus on US PCE

GBP/USD treads waters to continue the winning streak for the fourth consecutive day, trading higher around 1.2720 during the Asian session on Thursday. The pair is experiencing upward pressure due to the disappointing United States (US) macroeconomic data released on Wednesday.

After the recent release of the soft Job Openings report from the previous Tuesday, the August ADP National Employment Report showed weaker hiring than the projected 195K, contributing 177K jobs to the economy. This contrasts with the 371K jobs added in July. Preliminary Gross Domestic Product (GDP) reported at 2.1%, below the previous reading of 2.4%. The index was expected to remain consistent. Read more...

GBP/USD Price Analysis: Cable buyers prod key resistance near 1.2720, Fed inflation eyed

GBP/USD buyers attack a downward-sloping resistance line from late July as they await the key US inflation gauge while pausing the three-day uptrend amid early Thursday morning in Asia. In doing so, the Cable pair seesaws around the 1.2720 level while defending the previous week’s rebound from a five-month-old horizontal support zone.

Not only a clear rebound from the key horizontal support but the impending bull cross on the MACD and the steady RSI (14) line also keep the GBP/USD buyers hopeful. Read more...

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