May 9, 2023

Pound Sterling Price News and Forecast: GBP/USD – Flat-lines above 1.2600 mark, bullish potential intact

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GBP/USD Forecast: 1.2550 aligns as next bearish target

GBP/USD has reversed its direction and declined to the 1.2600 area in the European morning on Tuesday after having touched its highest level in nearly a year at 1.2670 on Monday. The pair’s near-term technical outlook suggests that the downward correction could continue in the near term.

Markets remain cautious early Tuesday with the UK’s FTSE 100 Index trading modestly lower on the day following a three-day weekend. Furthermore, US stock index futures are down nearly 0.4%, pointing to a negative opening in Wall Street’s main indexes. Read more …

GBP/USD Price Analysis: Flat-lines above 1.2600 mark, bullish potential intact

The GBP/USD pair struggles to gain any meaningful traction and seesaws between tepid gains/minor losses through the early European session on Tuesday. The pair is currently placed around the 1.2620 region and remains well within the striking distance of a one-year high touched the previous day.

The US Dollar (USD) gains some positive traction for the second successive day amid easing fears of a full-blown banking crisis in the US and turns out to be a key factor acting as a headwind for the GBP/USD pair. Apart from this, a generally weaker tone around the equity markets further benefits the safe-haven buck, though speculations that the Federal Reserve (Fed) is nearing the end of its rate-hiking cycle caps the upside. Read more …

GBP/USD eyes fresh year high above 1.2600 amid hawkish BoE bets, US default woes

GBP/USD renews its intraday high near 1.2635 as it reverses the previous day’s corrective pullback from the multi-month top heading into Tuesday’s London open.

The Cable pair buyers took a breather amid the UK holiday on Monday, which in turn portrayed the quote’s retreat from the highest levels since April 2022. However, fresh optimism surrounding the Bank of England’s (BoE) optimism, coupled with the US Dollar’s failure to defend the latest gains, recall the Pound Sterling buyers. Read more…

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