GBP/USD inches higher to around 1.2620

GBP/USD Forecast: Pound Sterling could push higher once it clears 1.2640 resistance

GBP/USD registered losses in the previous week but closed slightly above the key 1.2600 level. At the beginning of the new week, the pair continues to inch higher and the near-term technical outlook points to a bullish tilt.

The US Dollar (USD) gathered strength in the early American session on Friday after the stronger-than-forecast January producer inflation from the US and caused GBP/USD to retreat below 1.2600. Ahead of the weekend, however, the USD lost its footing amid profit-taking and allowed the pair to erase its losses. Read more…

GBP/USD inches higher to around 1.2620, US market will observe the Presidents’ Day holiday

The GBP/USD trends upwards as the US Dollar (USD) experiences downward pressure, influenced by market sentiment leaning towards the anticipation of a Federal Reserve rate cut in the upcoming March meeting. This sentiment was reinforced when former Fed official James Bullard suggested at the National Association for Business Economics (NABE) conference that the Fed should consider lowering interest rates to prevent hindering economic activity due to higher rates. During Asian trading hours on Monday, the GBP/USD pair trades higher around 1.2620. Read more…

Pound Sterling holds onto gains as upbeat UK Retail Sales fade BoE rate-cut bets

The Pound Sterling (GBP) demonstrates strength in Monday’s European session as the Bank of England (BoE) is expected to hold interest rates at their current level for a longer period. Persistent price pressures in the United Kingdom economy due to stubborn service inflation, steady labor demand, and robust household spending would allow BoE policymakers to maintain a hawkish narrative for a longer period. Read more…