GBP/USD Forecast: Pound Sterling could face next resistance at 1.2860
GBP/USD preserved its bullish momentum on Friday and closed the previous week above 1.2800. The pair stays relatively quiet in the European morning on Monday and the near-term technical outlook points to overbought conditions.
The renewed selling pressure surrounding the US Dollar (USD) fuelled another leg higher in GBP/USD ahead of the weekend. Although the data published by the US Bureau of Labor Statistics showed that Nonfarm Payrolls (NFP) rose 206,000 in June, surpassing the market expectation of 190,000, the negative revision to May's NFP, from 272,000 to 218,000, caused the USD to weaken. Read more...
GBP/USD Weekly Forecast: Pound Sterling stages strong comeback, approaches 2024 highs
The Pound Sterling (GBP) built on the previous week’s rebound against the US Dollar (USD), driving the GBP/USD pair back toward 1.2800, the highest level in nearly three weeks.
GBP/USD staged a solid comeback from a six-week trough to reach multi-week highs, mainly due to a steep correction in the US Dollar across its main currency rivals. Dovish remarks from Federal Reserve (Fed) Chairman Jerome Powell, during his speech at the European Central Bank (ECB) Forum on Central Banking in Sintra, spelled doom for the Greenback. The pain was exacerbated by a bunch of disappointing US business activity and employment data. Read more...
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