Pound Sterling Price News and Forecast: GBP/USD could correct lower on a positive NFP surprise

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling could correct lower on a positive NFP surprise

GBP/USD benefited from the selling pressure surrounding the US Dollar (USD) on Thursday and closed the second consecutive day in positive territory. After coming in within a touching distance of 1.3200, however, the pair lost its bullish momentum and started to retreat toward 1.3150.

On Thursday, the Automatic Data Processing (ADP) reported that payrolls in the private sector increased by 99,000 in August. This reading followed July's 111,000 increase and came in much below the market expectation of 145,000. With the initial reaction, the US Dollar (USD) came under selling pressure and allowed GBP/USD to push higher. Read more...

GBP/USD forex trade review [Video]

In this forex trading video we cover the entry, exit reasons and management for our forex trade today on the GBP/USD & how you can trade the forex structure on Daily , 4 , 1 Hourly, 15 minute charts and how you can target the next support/resistance. In the last few videos we covered the steps to find and trade structure. In this video you will learn how we traded the GBP/USD structure today using the trading charts and price action.

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EUR/USD weakens below 1.1700 as Middle East tensions drive US Dollar strength

The EUR/USD pair trades with mild losses around 1.1685, the lowest since late January, during the early Asian session on Tuesday. The US Dollar gathers strength against the Euro as escalating tensions in the Middle East boost safe-haven currencies. The preliminary reading of the Harmonized Index of Consumer Prices from the Eurozone will be published later on Tuesday.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

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Gold retains positive bias for the fifth consecutive day on Tuesday as rising geopolitical tensions in the Middle East continue to underpin safe-haven assets. However, a bullish US Dollar could keep the bullion below its highest level since late January, set on Monday, warranting caution before positioning for any further appreciation.