Pound Sterling Price News and Forecast: GBP/USD needs to clear 1.2890-1.2900 to extend recovery
|GBP/USD Forecast: Pound Sterling needs to clear 1.2890-1.2900 to extend recovery
Following a short-lasting recovery attempt during the European trading hours on Thursday, GBP/USD turned south and registered its lowest daily close in two weeks at 1.2850. The pair clings to modest gains early Friday as investors await Personal Consumption Expenditures (PCE) Price Index data from the US.
The US Bureau of Economic Analysis (BEA) reported in its first estimate that the United States' Gross Domestic Product (GDP) grew at an annual rate of 2.8% in the second quarter. This reading followed the 1.4% growth recorded in the previous quarter and beat analysts' estimate for an expansion of 2%. As a result, the US Dollar (USD) held resilient against its major rivals and didn't allow GBP/USD to gain traction. Read more...
GBP/USD faces downward pressure amid US Dollar strength
GBP/USD pair is down to 1.2892 on Thursday. Selling intensified on the 18th of July. Since then, GBP has remained under pressure, although it is making attempts to stabilise.
Statistics released earlier showed that UK private sector activity improved in July. PMI data indicated that activity in the services sector expanded slightly, while in the industrial segment, it was the highest since February 2022. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.