Pound Sterling Price News and Forecast: Initial signals of reversal above thickening daily cloud developing

FXStreet Team FXStreet

GBP/USD outlook: Initial signals of reversal above thickening daily cloud developing on daily chart

Cable edged higher in European trading on Friday ahead of release of US inflation data, today’s key economic event, with better than expected UK Q1 GDP numbers adding to improving sentiment.

Technical picture shows conflicting signals from daily indicators (14-d momentum remains in the negative territory / MA’s are in mixed setup and thickening daily Ichimoku cloud continues to underpin near term action. Read more...

Pound Sterling rises ahead of US core PCE Inflation in focus

The Pound Sterling (GBP) gains against the US Dollar (USD) in Friday’s London session. The GBP/USD pair rises slightly ahead of the United States (US) core Personal Consumption Expenditures (PCE) Price Index data for May, which will be published on Friday.

The core PCE inflation data, the Federal Reserve’s (Fed) preferred inflation measure, is estimated to have decelerated to 2.6% year-over-year (YoY) from April’s reading of 2.8%. On a monthly basis, the underlying inflation is expected to have grown modestly by 0.1% against the prior increase of 0.2%. Read more...

GBP/USD Forecast: Pound Sterling struggles to clear key technical level

Following Wednesday's sharp decline, GBP/USD registered modest gains on Thursday. The pair, however, failed to pull away from the key 1.2640 level, reflecting the buyers' hesitancy.

Earlier in the day, the UK's Office for National Statistics reported that the annualized Gross Domestic Product (GDP) growth for the first quarter got revised higher to 0.3% from the 0.2% announced in the flash estimate. This data failed to trigger a noticeable market reaction. Read more...

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