GBP/USD Price Analysis: Drops below 1.2900 amid strong US data
The Pound Sterling dropped below 1.2900 for the third consecutive day, edged lower 0.17%, and traded at 1.2881 after hitting a daily high of 1.2913. Data from the UK wasn’t better than expected, while an outstanding growth report from the US bolstered the Greenback.
From a technical standpoint, the GBP/USD continues to edge lower, though sellers are encountering tough times clearing the June 12 peak at 1.2860, which turned support once cleared. Read more…
Pound Sterling falls on robust US Q2 GDP growth, firm BoE rate-cut bets
The Pound Sterling (GBP) exhibits a poor performance against its major peers, except the Australian Dollar (AUD) and the New Zealand Dollar (NZD), on Thursday. The British currency has faced significant pressure as market experts see the Bank of England (BoE) pivoting to policy normalization in August.
A Reuters poll conducted July 18-24 showed that more than 80% of economists said the BoE will reduce its key borrowing rates by 25 basis points (bps) to 5% in the August meeting. However, the prediction of a rate-cut in June’s poll was higher, with 97% of respondents favoring a rate-cut move. Contrary to Reuters’ poll, market participants are only pricing in a 45% chance for rate cuts in August. Read more…
GBP/USD: Trades lower towards 1.2850 – UOB Group
The Pound Sterling (GBP) is likely to consolidate between 1.2850 and 1.3020 for the time being, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. Read more…
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