GBP/USD Price Forecast: Climbs to Three-Day High, Closes to 1.3000
Sterling recovered and was trading at around three-day highs of 1.2998, but was unable to break the 1.3000 level at the time of writing. Market sentiment has improved slightly, which is a drag for the dollar, which is nonetheless expected to maintain weekly gains of over 0.50%. Read more…
The pound sterling continues to gain on BoE Mann’s hawkish comments
The pound sterling (GBP) continues to rise near the psychological resistance level of 1.3000 against the US dollar (USD) during Friday’s session in New York. The GBP/USD pair is gaining as the US dollar correction continues following the release of US hard-wearing goods orders data for September. The US Dollar Index (DXY), which measures the dollar’s value against six major currencies, is testing the area below 104.00. New orders for basic goods declined at a steady rate of 0.8% in September, but the rate of decline was slower than expected at 1.0%, indicating the stability of the hard-wearing goods market. Read more…
Rebound of the GBP/USD pair despite the omission of the British PMI index
GBP/USD regained much-needed ground on Thursday, rising 0.4% as cable TV providers struggle to maintain price action north of 1.2900. UK Purchasing Managers’ Index (PMI) data broadly missed expectations early Thursday, but both the services and manufacturing components of the PMI remained north of the contraction area below 50.0. Read more…
