Pound Sterling Price News and Forecast: GBP/USD trades lower on the back of downbeat UK PMI data

FXStreet Team FXStreet

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...

Author

FXStreet Team

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD climbs toward 1.1800 on broad USD weakness

EUR/USD gathers bullish momentum and advances toward 1.1800 in the second half of the day on Tuesday. The US Dollar weakens and helps the pair stretch higher after the employment report showed that Nonfarm Payrolls declined by 105,000 in October before rising by 64,000 in November.

GBP/USD climbs to fresh two-month high above 1.3400

GBP/USD gains traction in the American session and trades at its highest level since mid-October above 1.3430. The British Pound benefits from upbeat PMI data, while the US Dollar struggles to find demand following the mixed employment figures and weaker-than-forecast PMI prints, allowing the pair to march north.

Gold extends its consolidative phase around $4,300

Gold trades in positive above $4,300 after spending the first half of the day under bearish pressure. XAU/USD capitalizes on renewed USD weakness after the jobs report showed that the Unemployment Rate climbed to 4.6% in November and the PMI data revealed a loss of growth momentum in the private sector in December.

US Retail Sales virtually unchanged at $732.6 billion in October

Retail Sales in the United States were virtually unchanged at $732.6 billion in October, the US Census Bureau reported on Tuesday. This print followed the 0.1% increase (revised from 0.3%) recorded in September and came in below the market expectation of +0.1%.

Ukraine-Russia in the spotlight once again

Since the start of the week, gold’s price has moved lower, but has yet to erase the gains made last week. In today’s report we intend to focus on the newest round of peace talks between Russia and Ukraine, whilst noting the release of the US Employment data later on day and end our report with an update in regards to the tensions brewing in Venezuela.

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.