Pound Sterling Price News and Forecast: GBP/USD trapped between BoE sentiment and technical breakout range

FXStreet Team FXStreet

GBP/USD trapped between BoE sentiment and technical breakout range

At 1.2220, GBP/USD is down on the day so far by some 0.33%, falling from a high of 1.2294 to a low of 1.2170 so far after UK PMIs came in roughly in line with expectations in June and in choppy market conditions. It's been a two-way street in global equities, with a rally in the US session vs risk-off day overnight with European bourses pressured overall. The euro was impaired by poor local PMIs which lifted the US dollar index, DXY, to a 104.78 peak that pressured peers in turn, including the pound. Read more...

GBP/USD Forecast: Pound could suffer losses if buyers fail to reclaim 1.2200

GBP/USD has declined sharply in the early European session but managed to recover modestly after having briefly dipped below 1.2200. The near-term technical outlook doesn't offer any clear directional clues but the pair could stay on the back foot in case markets remain risk-averse in the American session. The PMI data published by the S&P Global revealed on Thursday that the business activity in the UK's manufacturing and service sectors continued to expand at a relatively healthy pace in early June. Although the British pound erased a portion of its daily losses after these data, it could find it difficult to gather further bullish momentum. Read more...

GBP/USD recovers early lost ground, steadily climbs back above mid-1.2200s

The GBP/USD pair attracted some dip-buying near the 1.2170 area on Thursday and recovered around 80-85 pips from the vicinity of the weekly low touched the previous day. The pair was seen trading just above mid-1.2200s during the early North American session, nearly unchanged for the day. Read more...

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