GBP/USD extends the downside toward 1.2700, focus on Fed Chair Powell's speech
GBP/USD extends its losses and trades lower around 1.2710 during the Asian session on Thursday. The pair faces downward pressure due to downbeat preliminary PMI data released from the United Kingdom (UK) on Wednesday, which came in below expectations. The preliminary S&P Global/CIPS Composite PMI (Aug) reported a decline of 47.9 from the previous reporting of 50.8, weaker than the expectation of 50.3. The index fell below 50 for the first time since January.
However, US PMIs also fell short of the market consensus, which helped the GBP/USD pair in trimming the losses on the previous day. Additionally, the US Treasury yields fell sharply on weaker US economic data, exerting downward pressure on the Greenback. Read more...
GBP/USD Price Analysis: Multiple hurdles, US data prod Cable buyers above 1.2700
GBP/USD stays defensive around 1.2715-20 during the early hours of Thursday’s Asian session, fading the previous day’s rebound from the lowest level in eight weeks amid the market’s anxiety ahead of the top-tier data/events.
The Cable pair bounced off the 100-DMA and once again provided a daily close beyond an ascending support line from March 15, which in turn lures the Cable Sterling buyers as the US Dollar and Treasury bond yields drop. However, the cautious mood ahead of the top-tier US data and the start of the two-day-long annual Jackson Hole Symposium joins a slew of technical resistances to challenge the pair’s immediate upside. Read more...
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