GBP/USD holds steady below mid-1.2700s, eyes UK/US PMIs for some impetus
The GBP/USD pair struggles to gain any meaningful traction and oscillates in a narrow trading band, below mid-1.2700s through the Asian session on Wednesday. Spot prices, however, seem to have stalled the overnight retracement slide from the 1.2800 mark, or a one-and-half-week high, and remain at the mercy of the US Dollar (USD) price dynamics.
A modest downtick in the US Treasury bond yields fails to assist the USD Index (DXY), which tracks the Greenback against a basket of currencies, to capitalize on the gains registered on Tuesday to its highest level since July 12. Apart from this, a positive tone around the US equity futures undermines the safe-haven buck and acts as a tailwind for the GBP/USD pair. The British Pound (GBP) draws additional support from rising bets for more rate hikes by the Bank of England (BoE). Read more…
GBP/USD Price Analysis: Portrays anxiety within symmetrical triangle above 1.2700 ahead of UK/US PMI
GBP/USD edges lower past 1.2750 after reversing from the highest level in a fortnight the previous day, mostly quiet around 1.2750 amid the early hours of Wednesday’s Asian session. In doing so, the Cable pair portrays the market’s cautious mood ahead of the preliminary readings of the August month Purchasing Managers Indexes (PMIs) for the UK and the US.
That said, a three-week-old symmetrical triangle formation restricts immediate Pound Sterling moves between 1.2710 and 1.2800. It’s worth noting that the steady RSI (14) also portrays the market’s indecision. Read more…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-stalls-the-overnight-pullback-202308230141