Pound Sterling outperforms US Dollar, US-China trade talks under spotlight
The Pound Sterling (GBP) rises to near 1.3580 against the US Dollar (USD) during the European trading session on Monday. The GBP/USD pair gains as the US Dollar underperforms across the board amid uncertainty ahead of trade talks between the United States (US) and China in London later in the day. The US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, corrects to near 99.00 after a decent upside move on Friday.
Both Washington and Beijing have confirmed that their delegates will negotiate trade terms. The announcement arrived at a time when the US is grappling with some cracks in the labor market, and the Chinese economy is facing deflation. Read more…
GBP/USD Forecast: Pound Sterling closes in on multi-year highs
GBP/USD corrected lower on Friday but still ended the previous week in positive territory. The pair gains traction in the European morning on Monday and rises toward 1.3600, while the near-term technical outlook points to a buildup of bullish momentum.
The US Dollar (USD) benefited from the May labor market data on Friday and didn’t allow GBP/USD to build on its weekly gains. The US Bureau of Labor Statistics reported that Nonfarm Payrolls increased by 139,000 in May, surpassing the market expectation of 130,000. Additionally, the Unemployment Rate held steady at 4.2%, as forecast. Read more…
GBP/USD Weekly Outlook: Pound Sterling bulls eye break above 1.3600 amid data-driven week
The Pound Sterling (GBP) crawled higher against the US Dollar (USD) as the GBP/USD pair hit the highest level since February 2022, briefly above the 1.3600 mark.
GBP/USD entered a phase of upside consolidation in the first half of the week, following the previous week’s advance to 39-month highs of 1.3593. The major capitalized on broad-based US Dollar weakness at the start of the week amid renewed fears over the US economy and trade policy uncertainty. Read more…
