The British Pound (GBP) tanks more than 100 pips versus the US Dollar (USD), after hitting a daily high of 1.2219. Nevertheless, offers at around 1.2200 sent the GBP/USD plummeting to a new eight-month low at around the 1.2080s area. Read More…
The Pound Sterling (GBP) surrendered gains as the S&P Global reported a contraction in the United Kingdom’s Manufacturing PMI for the 14th time in a row and the US Dollar rebounded ahead of Federal Reserve (Fed) Governor Jerome Powell’s speech.. The GBP/USD pair is struggling to improve the United Kingdom’s learning curve in handling the repercussions of higher interest rates by the Bank of England (BoE). The BoE has paused its policy-tightening spell after raising them to 5.25% to safeguard the economy from further slowdown. Read More…
In the view of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, GBP/USD could now trade between 1.2100 and 1.2380 in the next few weeks. Read More…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-plummets-to-eight-month-low-on-weak-uk-data-strong-us-dollar-202310022140