GBP/USD Forecast: Pound Sterling bulls refuse to give in
After posting small gains on Wednesday, GBP/USD stays relatively quiet in the European session on Thursday and fluctuates in a tight channel at around 1.2950. The pair's near-term technical outlook is yet to offer any clues about a bearish reversal.
Following a sharp decline that lasted seven days, the US Dollar (USD) Index, which tracks the USD's performance against a basket of six major currencies, registered modest gains on Wednesday. Soft inflation data for February may have eased fears over a stagflation in the US and provided a short-lasting support to the currency. Read more...
Pound Sterling flattens against US Dollar as investors gauge Trump tariffs' outcome
The Pound Sterling (GBP) turns sideways around 1.2950 against the US Dollar (USD) on Thursday after posting a fresh four-month high near 1.2990 the previous day. The GBP/USD pair consolidates as the US Dollar steadies after declining for two weeks, while investors weigh the consequences of United States (US) President Donald Trump’s tariff agenda over cooling inflationary pressures and US economic growth. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, gains slightly to near 103.65, marginally higher from an over four-month low of 103.20 reached on Tuesday.
On Wednesday, US President Trump threatened to announce retaliatory tariffs on the European Union (EU) after the 27-nation bloc warned to impose counter-tariffs on goods imported from the US worth 26 billion Euros (EUR). The shared continent vowed to impose counter-surcharges on the US as Trump’s decision to levy 25% tariffs on imports of steel and aluminum across the globe went into effect. Read more...
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