Pound Sterling Price News and Forecast: GBP/USD tumbles, heading towards 1.2100 on UK PMI miss, US data beats

The GBP/USD is shedding pips on Tuesday, declining from a one-week high just shy of the 1.2300 handle after UK Purchasing Managers’ Index (PMI) figures printed red while US PMI data broadly beat the Street, climbing over market forecasts and chalking in accelerating economic activity in the US economy. Read More…

The Pound Sterling (GBP) faces some sell-off in an attempt to capture the crucial resistance of 1.2300. It seems merely a correction as more upside seems possible amid improved market sentiment and better-than-anticipated employment data. The UK Office for National Statistics (ONS) reported that the labor market shed jobs for the third time in a row in the quarter to August, but the number of jobs lost was lower than expected. Moreover, the Unemployment Rate fell and remained below the expectations, indicating stable labor market conditions. Read More…

Further upside could lift GBP/USD to the 1.2340 zone in the near term, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. Read More…