Pound Sterling struggles to recover above key technical level

GBP/USD rebounds on subdued US Dollar, inches higher to near 1.2600

GBP/USD snaps a two-day losing streak, retracing recent losses and trading near 1.2600 during the early European session on Monday. The decline in the US Dollar (USD) appears to be the catalyst underpinning the GBP/USD pair.

The dovish sentiment surrounding the Federal Reserve’s stance on the trajectory of interest rates, with market sentiment leaning towards the Fed initiating interest rate cuts starting in June, is weakening the US Dollar. Read more…

GBP/USD Forecast: Pound Sterling struggles to recover above key technical level

GBP/USD is having a difficult time staging a rebound after losing more than 1% in the previous week. The pair fluctuates in a narrow channel near 1.2600 in the European morning as investors await comments from central bankers.

The renewed US Dollar (USD) strength in the second half of the previous week weighed heavily on GBP/USD. The Federal Reserve’s revised Summary of Economic Projections and Chairman Jerome Powell’s relatively optimistic comments about the inflation outlook revived expectations for a rate cut in June and hurt the USD late Wednesday. Upbeat macroeconomic data releases from the US, however, helped the currency outperform its rivals on Thursday and Friday. Read more…

GBP/USD Weekly Forecast: Pound Sterling looks set for more pain in the week ahead

The Pound Sterling (GBP) failed to hold its upswing against the US Dollar (USD), as the GBP/USD correction from seven-month highs of 1.2894 regained traction in the central banks’ bonanza week.

The policy outlooks announced by the US Federal Reserve and the Bank of England (BoE) remained the key drivers for the GBP/USD price action in the past week. But the selling momentum around the Pound Sterling was unabated, as the US Dollar kept its bullish tone intact, despite a brief pullback midweek. Read more…