In Tuesday’s session, GBP/USD witnessed a substantial dip, trading at around 1.2620, with significant downward momentum primarily triggered by USD strength. A risk-off market environment ahead of key labor market figures from the US contributed to investors seeking refuge in the US Dollar. In addition, the negative outlook on the British economy adds to the selling pressure. Read More…
The Pound Sterling (GBP) faces a sharp sell-off after the release of the weaker-than-projected S&P Global Manufacturing PMI for December. The factory data remained lower at 46.2 than expectations and the former reading of 46.4. The economic data below the 50.0 threshold indicates contraction in economic activities. The Manufacturing PMI remains below the 50.0 threshold for the 17-month in a row. Read More…
GBP/USD looks to halt a two-day losing streak, trading slightly higher near 1.2730 during the Asian hours on Tuesday. The GBP/USD pair receives upward support from the hawkish stance of the Bank of England (BoE), coupled with the speculation on the Federal Reserve’s (Fed) dovish stance on the interest rate trajectory in the first quarter of 2024. Read More…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-sees-strong-downward-move-amid-usd-strength-202401021942