Pound Sterling refreshes day’s low as uncertainty about Bailey’s speech mounts
The Pound Sterling (GBP) has sensed selling pressure as market participants have turned cautious ahead of a speech from Bank of England (BoE) Governor Andrew Bailey on Monday at 15:00 GMT. Bias for the GBP/USD pair has softened as investors are anxious due to expectations of more interest rate hikes from the BoE.
The economic outlook of the United Kingdom is under threat as households are already facing the burden of elevated interest payment obligations and further policy tightening would make domestic activities more vulnerable. In addition to Bailey’s speech, Britain’s Employment data will also be on investors’ radar. Clarity about labor market conditions would also provide cues about interest rate guidance. Read more …
GBP/USD Forecast: Bulls turn hesitant ahead of Tuesday’s key UK data
GBP/USD rose sharply on Friday and closed the week in positive territory. The pair stays relatively calm early Monday, while moving sideways in a tight range above 1.2800.
After the June jobs report from the US revealed that Nonfarm Payrolls (NFP) 209,000 to miss the market expectation for an increase of 225,000, the US Dollar (USD) came under heavy selling pressure. Consequently, GBP/USD rose sharply and touched its highest level since April 2022 at 1.2851 ahead of the weekend. Read more …
GBP/USD Price Analysis: Holds above the 1.2800 mark, eyes on the 1.2850 level
The GBP/USD pair struggles to capitalize on Friday’s upward move and remains above the 1.2800 area during early European hours on Monday. The major pair currently trades on the defensive at 1.2801, up to 0.35% on the day.
From a technical perspective, the path of least resistance for the GBP/USD is to the upside as the pair holds above the 50- and 100-day Exponential Moving Averages (EMA) on the daily chart. Additionally, the Relative Strength Index (RSI) stands at 61.70, portraying the bullish territory for the pair. Read more …
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-bulls-turn-hesitant-ahead-of-tuesdays-key-uk-data-202307101133