Pound Sterling Price News and Forecast: GBP/USD needs to clear 1.2700 to attract buyers
|GBP/USD Forecast: Pound Sterling needs to clear 1.2700 to attract buyers
Following Thursday's sharp decline, GBP/USD stretched lower and touched its weakest level since mid-May near 1.2620 on Friday. After ending the week in negative territory, GBP/USD stages a correction and trades above 1.2650 on Monday.
The US Dollar (USD) gathered strength heading into the weekend after the preliminary S&P Global Manufacturing and Services PMI for June showed that the business activity in the US private sector continued to expand at a robust pace. Read more...
GBP/USD shrugs despite sparkling Retail Sales
UK retail sales jumped 2.9% m/m in May, an impressive turnaround from the revised 1.8% decline in April and blowing past the market estimate of 1.8%. This was the highest level since January. Yearly, retail sales climbed 1.3%, rebounding from a revised 2.3% drop in April and above the market estimate of -0.9%. This marked the sharpest gain since March 2022.
The increase in consumer spending was felt across the economy, as rising wages have helped consumers withstand weak economic growth and high interest rates. The weather was a key factor, as a very wet April dampened retail sales, which rebounded in what was the warmest May on record. Read more...
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