GBP/USD sellers look to retain control while GBP stays below 1.3100

GBP/USD Forecast: Sellers look to retain control while Pound Sterling stays below 1.3100

GBP/USD came under bearish pressure in the American session on Friday and erased its gains to end the week flat. The pair continues to edge lower at the beginning of the new week and was last seen trading at its lowest level since August 22 below 1.3100.

Despite the weak labor market data, the US Dollar (USD) benefited from the intenst flight-to-safety seen ahead of the weekend and forced GBP/USD to push lower. The US Bureau of Labor Statistics announced on Friday that Nonfarm Payrolls rose 142,000 in August. This reading followed the 89,000 (revised from 114,000) increase recorded in July and fell short of the market forecast of 160,000. Read more…

GBP/USD Weekly Forecast: Pound Sterling aims at 1.3200 as UK economic calendar gathers steam

Following a drop below the key 1.3100 support earlier in the week, the Pound Sterling (GBP) managed to regain balance against the US Dollar (USD), lifting GBP/USD back north of the 1.3200 hurdle soon after US Nonfarm Payrolls disappointed expectations on Friday (+142K jobs). While that move fizzled out afterwards, it was not enough to reverse Cable’s positive weekly performance.

GBP/USD reversed the previous week’s downward bias on the back of the persistently bearish tone in the Greenback. The US Dollar remained under pressure against the backdrop of a renewed and aggressive Federal Reserve (Fed) easing narrative, which now includes a potential 50-basis-points interest-rate cut at its September 18 gathering. Read more…