GBP/USD holds steady as focus shifts to key US data

GBP/USD Forecast: Pound Sterling holds steady as focus shifts to key US data

GBP/USD moves up and down in a tight band above 1.3500 in the European session on Wednesday after posting small losses on Tuesday. The near-term technical outlook highlights the pair’s indecisiveness ahead of key data releases from the US.

The renewed US Dollar (USD) strength on improving risk mood and the better-than-expected JOLTS Job Openings data caused GBP/USD to stretch lower on Tuesday. Meanwhile, mixed comments from Bank of England (BoE) officials during the testimony before the UK Treasury Select Committee made it difficult for Pound Sterling to attract buyers. Read more…

GBP/USD holds mid-range as Dollar tests resistance levels: Breakout or breakdown?

The British pound remains caught in a tight range on the daily timeframe against the U.S. dollar, with GBP/USD trading just above the 1.35 level as the market awaits further confirmation from U.S. economic data, particularly, the non-farm payroll this Friday.

Despite recent bullish structure, the pair is showing signs of hesitation as the Dollar approaches a major resistance level at 99.668. The U.S. dollar has recovered sharply from its May lows, bouncing off the 98.700 level and invalidating a 4-hour Fair Value Gap between 99.112–98.871. Currently, USD is testing a level of potential reaction just below 99.668, with a strong impulsive move suggesting demand still favors the greenback. Read more…