GBP/USD loses its recovery momentum below 1.2700, eyes on UK Retail Sales
The GBP/USD pair loses its recovery momentum near 1.2695 during the early Asian session on Friday. The major pair edges lower after retracing from the recent top around 1.2760 amid renewed US Dollar (USD) demand. Later on Friday, the UK Retail Sales, US Durable Goods Orders, and Michigan Consumer Sentiment Index will be due.
On Thursday, the flash US S&P Global Composite PMI climbed to 54.4 in May from 51.3 in April, above the market consensus of 51.1. This figure registered the highest level since April 2022. Meanwhile, the Manufacturing PMI rose to 50.9 in May from the previous reading of 50.0. The Services PMI improved to 54.8 in April from 51.3 prior. Both figures came in better than market expectations. Read more...
GBP/USD Price Analysis: Shooting star emerges as sellers eye 1.2600
Early during the North American session, the British Pound dropped against the Greenback after data from the United States showed that business activity was picking up. Alongside that, inflationary pressures rose, sparking investors' fears that the Fed would delay cutting rates later during the year. The GBP/USD trades at 1.2711 after hitting a high of 1.2746, down 0.04%
The GBP/USD edges are lower after printing a ‘shooting star’ on Wednesday, a prelude to lower prices. Today’s price action witnessed a jump toward a high of 1.2750, but it still failed to crack the current week’s high of 1.2761, which opened the door for further losses. Read more...
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