Pound Sterling Price News and Forecast: GBP/USD at risk of extending its slump on renewed dollar’s demand
|GBP/USD bulls tested at critical daily support
GBP/USD is off the recent recovery highs and is at a make or break area on the daily chart. The central banks are in focus and driving the price as well as COVID risk. Due mainly to US dollar strength, GBP/USD is under pressure on Tuesday, down 0.33% at the time of writing after falling from a high of 1.3904 to a low of 1.3800. Read more...
GBP/USD Forecast: At risk of extending its slump on renewed dollar’s demand
The GBP/USD pair ended Tuesday in the red around 1.3820, as the dollar benefited from unexpectedly higher US inflation, with the pair bottoming for the day at 1.3799. The Bank of England released its semi-annual Financial Stability Report, which showed that policymakers expect to maintain the rates at record lows at least until December 2021. “The economic outlook has improved, but risks to the recovery remain, especially those related to the spread of COVID,” the document shows. Read more...
GBP/USD dives to 1.3800 mark, fresh session lows on hotter-than-expected US CPI
A combination of factors prompted some fresh selling around GBP/USD on Tuesday. COVID-19 jitters, Brexit woes continued acting as a headwind for the British pound. Upbeat US CPI report pushed the USD higher and added to the intraday selling bias. The GBP/USD pair dived to fresh daily lows in reaction to hotter-than-expected US consumer inflation figures, with bearish now eyeing sustained weakness below the 1.3800 mark. Read more...
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