GBP/USD sticks to modest intraday gains above mid-1.2600s amid softer USD
The GBP/USD pair builds on Friday’s goodish rebound from the 1.2600 round figure, or a one-and-half-week trough and gains some positive traction for the second successive day on Monday. The momentum lifts spot prices to a multi-day peak, around the 1.2660-1.2665 area during the Asian session and is sponsored by a combination of factors.
The British Pound (GBP) draws support from the Bank of England (BoE) Chief Economist Huw Pill’s hawkish remarks on Friday, saying that the first cut in the key interest rate is still some way off. The US Dollar (USD), on the other hand, remains depressed in the wake of Friday’s disappointing US macro data and less hawkish remarks by Federal Reserve (Fed) officials. Apart from this, the recent risk-on rally across the global equity markets further undermines the safe-haven Greenback, which, in turn, lends some support to the GBP/USD pair. Read more…
GBP/USD Weekly Forecast: Pound Sterling looks to recover recent losses in crucial NFP week
The Pound Sterling (GBP) returned to red against the US Dollar (USD), reversing the previous week’s rebound. GBP/USD ran into offers once again near 1.2700, as the US Dollar (USD) paused its corrective downside.
The Pound Sterling failed to sustain the previous week’s upbeat momentum and gave into the modest rebound staged by the US Dollar, as the sentiment around the Greenback continued to be supported by the expectations of delayed interest rate cuts by the US Federal Reserve (Fed). Read more…
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