GBP/USD Forecast: Buyers refuse to give up but 1.2700 proves to be a tough resistance
GBP/USD gathered bullish momentum and climbed above 1.2700 for the first time in three weeks during the European trading hours on Thursday. The pair, however, lost its traction and erased a portion of its gains later in the American session. Early Friday, GBP/USD holds steady above 1.2650.
S&P Global/CIPS PMI data from the UK showed on Thursday that the business activity in the private sector continued to expand at an accelerating pace in early February, providing a boost to Pound Sterling. Later in the day, the PMI surveys from the US confirmed that the manufacturing and services sectors both remained in expansion territory. Other data from the US showed that the weekly Initial Jobless Claims declined by 12,000 to 201,000 in the week ending February 17. Read more...
Pound Sterling rises on upbeat UK economic outlook
The Pound Sterling (GBP) jumps higher in Friday's late European session as the United Kingdom's economic outlook strengthens. The GBP/USD pair advances toward Thursday's high as market sentiment improves.
Meanwhile, investors await fresh guidance on Bank of England (BoE) interest rates. While uncertainty over the timing of BoE rate cuts continues to persist, investors hope that the central bank could reduce interest rates in the early part of the second half of this year. The chances for a rate cut in the June policy meeting are under 50%, while a dovish decision for August seems inevitable. Read more...
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