Pound Sterling Price News and Forecast: GBP/USD has printed a fresh weekly high at 1.2450

GBP/USD refreshes weekly high at 1.2450 amid mixed Fed views about interest rate guidance

The GBP/USD pair is facing stiff barricades around 1.2450 in the Asian session. The Cable has printed a fresh weekly high at 1.2450 but is facing hurdles in extending recovery further amid mixed views from Federal Reserve (Fed) policymakers about interest rate guidance for June’s monetary policy meeting.

S&P500 futures have added more gains in early Tokyo on hopes that the US debt-ceiling proposal will get a clearance from in voting at Congress. Market mood is turning risk-on as investors have started digesting one more interest rate hike from the Federal Reserve (Fed) in its June monetary policy meeting. Read more...

GBP/USD stays firmer past 1.2400 on hopes of more BoE rate hikes, US employment in focus

GBP/USD bulls stay in the driver’s seat for the fifth consecutive day, despite the Asian-session latest inaction around 1.2440 during early Thursday. In doing so, the Cable pair not only cheers the latest retreat of the US Dollar but also benefits from the hints that the UK’s inflation problem is bigger and can push the Bank of England (BoE) towards more rate hikes.

On Wednesday, Lloyds Bank unveiled monthly releases of its business sentiment gauge and inflation signals for May. On the same line, Bank of England (BoE) Monetary Policy Committee member Catherine Mann said that the gap between the headline and core inflation in the UK is more persistent than in the US and the Euro area, per Reuters. Read more...