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...

Author

FXStreet Team

FXStreet

EUR/USD looks weak below 1.1800

EUR/USD has slipped back under pressure, breaking through the 1.1800 support and drifting towards the weekly lows near 1.1770 ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with steady geopolitical tensions keeping its demand firm. Moving forward, the release of the German labour market report and flash inflation figures should keep European investors entertained on Friday.

GBP/USD threatens the 200-day SMA near 1.3440

GBP/USD rapidly leaves behind Wednesday’s strong advance, coming under heavy pressure and retesting the 1.3440 zone, where the critical 200-day SMA is located. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold trims gains, slips back to around $5,170

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The yellow metal surrenders part of its earlier gains on the back of the resurgence of the buying interest in the Greenback. In the meantime, geopolitical tensions in the Middle East continue to limit the downside potential for now.