The GBP/USD managed to eke out a minor recovery on Friday, owing more to a step back in the broad-market US Dollar Index (DXY) than any intrinsic strength to be found in the Pound Sterling (GBP). Read More…
The Pound Sterling (GBP) recovered to near 1.2200 after discovering a cushion near 1.2100 as a mild correction in the US Dollar improved the appeal for risk-sensitive assets. Earlier, the GBP/USD pair was on the backfoot as investors were dumping risk-perceived assets due to a cautious market mood. The GBP/USD outlook remains vulnerable as risks of a recession in the United Kingdom have increased due to vulnerable economic prospects. The UK’s Manufacturing and Services PMI, which gauge the health of both sectors, have fallen into contraction territory, while strong labor demand appears to be fading. Read More…
Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group note GBP/USD could weaken further and revisit the 1.2100 region. Read More…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-catches-a-much-needed-break-grasping-at-122-202309282159