GBP/USD remains under selling pressure near 1.2180

GBP/USD remains under pressure below the 1.2200 barrier, eyes on US PMI, Fed Chair Powell’s speech

The GBP/USD pair remains on the defensive below the 1.2200 barrier and trades in negative territory for the fifth consecutive week during the early European session on Monday. The major pair trades around 1.2180, losing 0.16% on the day.

The US Bureau of Economic Analysis revealed on Friday that the Personal Consumption Expenditures (PCE) Price Index climbed 3.5% YoY in August from 3.4% in July, meeting market expectations. Meanwhile, the annual Core PCE Price Index, the Federal Reserve’s preferred inflation indicator, grew 3.9% from 4.3% in July, in line with expectations. Read more…

GBP/USD struggles to gain any meaningful traction, remains confined in a narrow band

The GBP/USD pair finds some support near the 100-hour Simple Moving Average (SMA) during the Asian session on Monday, albeit struggles to attract any meaningful buying and oscillates in a range just below the 1.2200 mark.

A small gap higher opening for the US equity futures holds back traders from placing fresh bullish bets around the safe-haven US Dollar (USD), which, in turn, is seen acting as a tailwind for the GBP/USD pair. The global risk sentiment gets a goodish lift in reaction to the encouraging weekend news on China’s economy and the funding for the US government. The official Chinese PMIs showed that business activity in the manufacturing sector recorded growth for the first time in six months and the services sector remained in expansion territory during September. Adding to this, the US Congress approved the stopgap funding bill to avert a government shutdown for another 45 days and further boosted investors’ confidence. Read more…

 

Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-remains-under-selling-pressure-near-12180-202310020555