Pound Sterling Price News and Forecast: GBP/USD retraces its recent losses
|GBP/USD inches higher to around 1.2620, US market will observe the Presidents’ Day holiday
The GBP/USD trends upwards as the US Dollar (USD) experiences downward pressure, influenced by market sentiment leaning towards the anticipation of a Federal Reserve rate cut in the upcoming March meeting. This sentiment was reinforced when former Fed official James Bullard suggested at the National Association for Business Economics (NABE) conference that the Fed should consider lowering interest rates to prevent hindering economic activity due to higher rates. During Asian trading hours on Monday, the GBP/USD pair trades higher around 1.2620.
Furthermore, UK housing data indicated an improvement annually in domestic property prices, which may have provided some support to the GBP/USD pair. The UK Rightmove House Price Index (YoY) saw an increase of 0.1% in February compared to the previous decline of 0.7%. However, the monthly report showed a contraction, with February's growth at 0.9% compared to the previous rise of 1.3%. Read more...
GBP/USD Weekly Forecast: Can Pound Sterling stage a steady rebound?
The Pound Sterling (GBP) continued to remain in the back seat against the US Dollar (USD), as GBP/USD extended its bearish momentum into the fifth week in a row.
The price action around the GBP/USD pair was mainly driven by a host of top-tier economic data releases from the United States (US) and the United Kingdom (UK), which helped reprice the markets’ expectations of a dovish policy pivot by the US Federal Reserve (Fed) and the Bank of England (BoE). Read more...
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