GBP/USD Weekly Forecast: Pound Sterling aims at 1.3200 as UK economic calendar gathers steam
Following a drop below the key 1.3100 support earlier in the week, the Pound Sterling (GBP) managed to regain balance against the US Dollar (USD), lifting GBP/USD back north of the 1.3200 hurdle soon after US Nonfarm Payrolls disappointed expectations on Friday (+142K jobs). While that move fizzled out afterwards, it was not enough to reverse Cable’s positive weekly performance.
GBP/USD reversed the previous week’s downward bias on the back of the persistently bearish tone in the Greenback. The US Dollar remained under pressure against the backdrop of a renewed and aggressive Federal Reserve (Fed) easing narrative, which now includes a potential 50-basis-points interest-rate cut at its September 18 gathering. Read more...
GBP/USD sticks to intraday gains, remains below mid-1.3100s amid modest USD uptick
The GBP/USD pair attracts some dip-buying during the Asian session on Monday and climbs back closer to mid-1.3100s in the last hour, though a combination of factors might cap any further gains.
The closely-watched US monthly employment details released on Friday suggested that the labor market momentum is slowing more than expected and added to concerns about the health of the US economy. This, in turn, tempers investors' appetite for riskier assets, which benefits the safe-haven US Dollar (USD) and acts as a headwind for the GBP/USD pair. Read more...
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