GBP/USD cuts two-day losses but fails to recover 1.3200

GBP/USD cuts two-day losses but fails to recover 1.3200 amid positive sentiment

The pound rebounded from intraday losses in the North American mid-session, although it failed to retake the 1.3200 mark, thanks to risky market sentiment, fierce Fed and Bank of England rate hikes, with one dissenting, seen as a dovish increase. At the time of writing, GBP/USD is trading at 1.3187. Towards the end of the North American session, market sentiment improved, boosting appetite for risk-sensitive currencies like the GBP. However, amid increased appetite for the greenback, disappointing data out of the UK put a damper on GBP/USD’s recovery. Read more…

GBP/USD Weekly Forecast: Correction likely to extend into US NFP week

The clocks will move forward in Europe and the UK next week, but the corrective move in GBP/USD is unlikely to alter its course. Worries over soaring inflation and tensions in Ukraine resurfaced and crippled GBP/USD’s recovery from 2022 lows. that central bank divergence has returned to center stage. In the week ahead, US nonfarm payrolls, the Fed’s favorite PCE inflation and BOE language will remain relevant as the Russian-Ukrainian conflict rages on. Read more…

GBP/USD forecast: the pound fluctuates between key technical levels

GBP/USD moved sideways in a relatively narrow channel during the second half of the week. The pair needs to break out of the 1.3160-1.3200 range to determine its next near term direction. Data released by the UK’s Office for National Statistics showed on Friday that retail sales in the UK fell 0.3% on a monthly basis in February after rising 1.9% in January. This impression far exceeded market expectations for a 0.6% increase and made it difficult for the British pound to continue to gain strength. Read more…