GBP/USD hovers above 1.2150 major level

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GBP/USD Forecast: Pound Sterling stays on the back foot as key resistance holds

GBP/USD lost its traction and erased its daily gains after rising toward 1.2200 in the early European morning. In the absence of high-impact macroeconomic data releases, the cautious market mood is likely to weigh on the pair.

The table below shows the percentage change of Pound Sterling (GBP) against listed major currencies today. Pound Sterling was the weakest against the Euro. Investors continue to stay away from risk-sensitive assets as geopolitical tensions remain high, with Israel preparing for a ground assault. Read more…

GBP/USD hovers above 1.2150 major level, focus on UK employment, PMI data

GBP/USD struggles to continue the winning streak. trading around 1.2160 during the Asian session on Monday. However, the currency pair encountered a hurdle following the release of downbeat United Kingdom (UK) Retail Sales data for September on Friday. The Pound Sterling (GBP) managed to recover its losses against the weaker US Dollar (USD).

Monthly Retail Sales revealed a 0.9% decline, in contrast to the expected 0.1% decrease, following a modest 0.4% rise in August. On an annual basis, sales contracted by 1.0%, defying market predictions of a stagnant performance. Read more…

Pound Sterling consolidates ahead of UK labor market data

The Pound Sterling (GBP) struggles to find a direction as investors await for UK Employment data, which will be published on Tuesday. The GBP/USD pair outlook remains vulnerable as economists expect employment levels to decrease again in the three months to August, in a sign that firms are cutting back on their workforces due to a dismal demand outlook. 

Higher interest rates by the Bank of England (BoE) and stubborn price pressures have squeezed households’ real income significantly, weighing on demand. Deepening Israel-Palestine tensions add to uncertainty and have the potential to cause higher energy prices, adding to inflation pressures. In this context, investors see the BoE keeping interest rates unchanged for the second straight time in November. Read more…