Pound Sterling Price News and Forecast: GBP/USD remains depressed for the second straight day
|GBP/USD hangs near weekly low, below mid-1.2900s ahead of UK Retail Sales
The GBP/USD pair prolongs its corrective decline from a one-year peak, around the 1.3045 region touched earlier this week and drifts lower for the second successive day on Friday. Spot prices drop to the 1.2935-1.2930 area, or a fresh weekly low during the Asian session amid some follow-through US Dollar (USD) buying, albeit lack bearish conviction.
Concerns over a renewed trade war between the US and China, along with persistent geopolitical tensions, temper investors' appetite for riskier assets. This led to the overnight slump in the US equities and led to a downfall across Asian markets, which assists the safe-haven buck to build on its recovery from nearly a four-month low and acts as a headwind for the GBP/USD pair. That said, dovish Federal Reserve (Fed) expectations might hold back the USD bulls from placing aggressive bets and lend some support to the currency pair. Read more...
GBP/USD settles back below 1.30 as Greenback selling abates
GBP/USD has settled back below the 1.3000 key level on Thursday as Greenback short pressures eases. Investors are taking a breather after a hard rally through the early trading week as market sentiment surged on Federal Reserve (Fed) rate cut expectations getting pinned to the ceiling.
UK data came in mostly as expected on Thursday, with a slightly better-than-expected but still lower print in unemployment claims. Meanwhile, US Initial Jobless Claims rose as rate-cut-hungry markets got further signs of a slowdown that will help bully the Fed into rate cuts beginning in September. Read more...
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