GBP/USD Weekly Outlook: Pound Sterling turns south following rejection near 1.3600
The Pound Sterling (GBP) staged a solid comeback from two-month lows against the US Dollar (USD) before GBP/USD buyers ran into the 1.3600 hurdle.
Despite its retracement in the second half of the week, the GBP/USD pair closed the week with gains as the USD registered its biggest weekly drop in a month. The Greenback hit its lowest level in two weeks against major currency rivals as easing trade tensions diminished its appeal as a safe-haven asset. Read more…
GBP/USD Forecast: Bearish pressure builds up as key support fails
GBP/USD came under bearish pressure on Thursday and lost more than 0.5%, snapping a three-day winning streak in the process. The pair extends its slide on Friday and trades below 1.3500.
The renewed US Dollar (USD) strength weighed on GBP/USD on Thursday. The US Department of Labor reported that the number of first-time applications for unemployment benefits declined to 217,000 in the week ending July 19 from 221,000 in the previous week. This reading came in better than the market expectation of 227,000. Additionally, the S&P Global Composite Purchasing Managers Index (PMI) improved to 54.6 (preliminary) in July from 52.9 in June, reflecting an ongoing expansion in the private sector’s business activity, at an accelerating pace. Read more…
Pound strengthens: Trade tariffs and economic data boost GBP/USD
The GBP/USD pair climbed to a two-week high on Thursday, holding near 1.3578, bolstered by improved global risk sentiment following the US-Japan trade agreement.
The deal, which replaces previously proposed 25% tariffs with a 15% levy, also includes the creation of a $550 billion investment fund to support the US economy. President Donald Trump hailed the agreement as mutually beneficial, further lifting market confidence. Read more…
