GBP/USD Forecast: Pound Sterling could test 1.2600 after US data
GBP/USD lost more than 50 pips on Monday but gathered bullish momentum early Tuesday. The pair could stretch higher toward 1.2600 later in the day in case May inflation data from the US causes the US Dollar (USD) to stay under selling pressure.
In the absence of high-tier data releases on Monday, GBP/USD came under technical bearish pressure as markets reacted to overbought conditions. Pound Sterling, however, attracted buyers in the European morning on Tuesday. Wage inflation in the UK, as measured by Average Earnings Excluding Bonus, climbed to 7.2% on a yearly basis in April from 6.8% in March, the Office for National Statistics reported. Read more…
GBP/USD gets trendline rejection, but bulls still in play [Video]
GBPUSD turned red on Monday after marking a one-month high of 1.2598 near the long-term resistance trendline, which has been capping bullish actions since the June 2021 high. The pair switched back to recovery mode early on Tuesday, with the technical indicators reflecting appetite for a bullish breakout. Read more …
GBP/USD holds gains around 1.2570 inspired by upbeat UK Employment, US CPI remains key
The GBP/USD pair is holding gains generated after the release of the upbeat United Kingdom Employment data. The Cable is expected to continue its upside journey toward the round-level resistance of 1.2600 as the USD Index (DXY) is struggling to show a solid recovery from 103.30.
S&P500 futures have surrendered the majority of gains added till early London. It seems that investors have started getting precautionary ahead of the United States Consumer Price Index (CPI) data. Read more …
Comments are closed.