GBP/USD Weekly Forecast: Pound Sterling looks to 1.3000 as Jackson Hole Symposium looms
The Pound Sterling (GBP) sustained the rebound and hit a two-week high against US Dollar (USD), driving the GBP/USD pair to the 1.2900 mark amid a data-dominated week.
GBP/USD rebounded strongly this week, helped by the return of risk flows and divergent monetary policy outlooks between the US Federal Reserve (Fed) and the Bank of England (BoE). Read more...
GBP/USD touches one-month peak around mid-1.2900s, seems poised to climb further
The GBP/USD pair builds on last week's breakout momentum and climbs to over a one-month peak, around mid-1.2900s during the Asian session on Monday. The strong move up comes on the back of the recent solid bounce from the vicinity of a technically significant 200-day Simple Moving Average (SMA) and could be seen as a fresh trigger for bullish traders.
The British Pound (GBP) continues to draw support from last week's relatively stronger UK macro data, which pointed to a still resilient economy and might have dashed hopes for another interest rate cut by the Bank of England (BoE) in September. The US Dollar (USD), on the other hand, languishes near its lowest level since January touched earlier this month amid dovish Federal Reserve (Fed) expectations and turns out to be another factor acting as a tailwind for the GBP/USD pair. Read more...
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