Pound Sterling Price News and Forecast: GBP/USD trades sideways around 1.2160 amid the USD softness
|GBP/USD Price Analysis: Remains flat above 1.2150, eyes on US Jobless Claims
The GBP/USD pair remains flat above the mid-1.2100s during the Asian session on Thursday. In the absence of the top-tier economic data from the UK docket, the major pair remains at the mercy of the US Dollar (USD) price dynamics. GBP/USD currently trades near 1.2160, gaining 0.21% on the day.
That said, the rebound of the pair is supported by the weaker US Dollar (USD) following the softer US labor market data. Automatic Data Processing (ADP) reported on Thursday that the US private payrolls for September rose by 89,000 from the previous reading of 180,000, below the market expectation of 153,000. This figure posted the lowest level since January 2021. Read more...
GBP/USD struggles to attract follow-through buying, remains below mid-1.2100s
The GBP/USD pair struggles to capitalize on the previous day's goodish intraday recovery from the 1.2035 area, or its lowest level since March 16 and oscillates in a narrow trading band during the Asian session on Thursday. Spot prices currently trade below mid-1.2100s and remain at the mercy of the US Dollar (USD) price dynamics.
The US Dollar (USD) remains well within the striking distance of a nearly 11-month high touched on Tuesday in the wake of the Federal Reserve's (Fed) hawkish view and turns out to be a key factor acting as a headwind for the GBP/USD pair. The USD did witness some profit-taking on Wednesday following the release of the weaker-than-anticipated ADP report, showing that private-sector employers added only 89K jobs in September. This marked a sizeable decline from the previous month's upwardly revised reading of 180K. Read more...
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