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Pound Sterling Price News & Forecast: GBP/USD edges lower after jobless claims beat forecasts

Pound Sterling struggles to lure buyers amid UK political drama, BoE easing bias

The GBP/USD pair struggles to build on the overnight modest bounce from the 1.3445 area, or the weekly low, and oscillates in a narrow band during the Asian session on Friday. Spot prices currently trade just below the 1.3500 psychological mark, nearly unchanged for the day, and seem vulnerable to slide further.

The Gorton and Denton by-election, held on February 26, has become a focal point of political drama in the UK amid allegations of illegal voting and a tight contest between Labour, Reform UK, and the Green Party candidates. This, along with the Bank of England (BoE) easing expectations, acts as a headwind for the British Pound (GBP) and the GBP/USD pair. Read more...

Pound Sterling declines below 1.3500 on UK political uncertainty, US PPI data eyed

The GBP/USD pair loses ground to near 1.3485 during the early Asian session on Friday. The Pound Sterling (GBP) weakens against the Greenback amid rising UK political uncertainty surrounding the Gorton and Denton by-election.

Manchester's Gorton and Denton constituency was held on Thursday. The result is still being counted and is expected on Friday between 3:00 am and 4:00 am GMT. This event is viewed as a significant test for UK Prime Minister Keir Starmer, amid internal party discontent and low approval ratings. Political risks in the UK could undermine the GBP against the USD in the near term. Read more...

GBP/USD slips as firm US jobless claims offset BoE cut bets

The Pound Sterling (GBP) retreats over 0.11% on Thursday as the Greenback remains steady following a report that the number of Americans applying for unemployment benefits was below estimates last week, an indication of the resilience of the labor market. At the time of writing, GBP/USD trades at 1.3544 after reaching a daily high of 1.3575.

Financial market sentiment worsened after Nvidia Corp reported earnings and a solid outlook. Nevertheless, the AI rally seems overextended, and market participants are seeking reassurance about the AI outlook. So far, Wall Street has registered losses between 0.28% and 2%. Read more...

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