GBP/USD remains depressed below mid-1.2600s amid modest USD strength
The GBP/USD pair remains on the defensive through the Asian session on Tuesday, albeit it lacks follow-through selling and currently trades just below mid-1.2600s.
The British Retail Consortium (BRC) reported earlier today that sales volumes dropped by 3.3% in the 12 months to November. This marks the weakest reading since April and was significantly influenced by the timing of Black Friday sales. Nevertheless, the data still points to weakening consumer confidence and undermines the British Pound (GBP). This, along with a modest US Dollar (USD) uptick, is seen acting as a headwind for the GBP/USD pair. Read more…
GBP/USD turns bearish, ends three-day winstreak
GBP/USD backslid below the 1.2700 handle on Monday, kicking off the new trading week by snapping a three-day winning streak and keeping Cable on the low side of the 200-day Exponential Moving Average (EMA). The data docket was clear on the UK side, leaving markets to roil after US Purchasing Managers Index (PMI) figures popped higher but still remained in contraction territory below 50.0.
Another US Nonfarm Payrolls (NFP) week is underway, and the economic calendar is littered with plenty of US jobs preview figures in the runup to Friday’s bumper job additions report. UK data releases are limited this week, although Bank of England (BoE) Governor Andrew Bailey will be making an appearance on Wednesday via a pre-recorded interview at an event hosted by the Financial Times. Read more…
Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-struggles-to-lure-buyers-202412030521