Pound Sterling bulls stepped in as ‘morning star’ chart pattern looms

The Pound Sterling rallied early in the North American session, gaining more than 0.65% against the US Dollar after softer-than-expected data from the United States (US), which could spur the Federal Reserve to begin to ease policy faster than expected. The GBP/USD trades at 1.2434, after bouncing off lows hit at 1.2331. Read More…

The Pound Sterling (GBP) bounces back from 1.2300 in Tuesday’s early New York session as the S&P Global/CIPS has posted stronger-than-expected United Kingdom preliminary Services PMI data for April. Surprisingly, the Services PMI jumped to 54.9 from the prior reading of 53.1. Investors forecasted the Services PMI to drop slightly to 53.0. The preliminary Manufacturing PMI, surprisingly contracted, remains below the 50.0 threshold that separates expansion from contraction after expanding in March. The factory PMI falls sharply to 48.3 from expectations and the prior reading of 50.3. Read More…

The GBP/USD pair struggles to capitalize on the overnight bounce from the 1.2300 mark, or its lowest level since November 14 and oscillates in a narrow band during the Asian session on Tuesday. Spot prices currently trade around mid-1.2300s, nearly unchanged for the day, and remain at the mercy of the US Dollar (USD) price dynamics. Read More…