Pound Sterling Price News and Forecast: GBP/USD – Fading momentum caps Pound strength

GBP/USD: Fading momentum caps Pound strength – UOB

United Overseas Bank’s (UOB) strategists Quek Ser Leang and Lee Sue Ann report that GBP/USD reversed sharply after nearing 1.3600, with intraday downside now expected to stay within a 1.3495–1.3555 range. Over 1–3 weeks, they see upward momentum fading and the probability of further Pound strength diminishing. A break below 1.3480 would confirm that the recent advance has stalled.

“While we stated yesterday that “there is room for GBP to rise,” we held the view that “any advance is likely part of a range of 1.3545/1.3600.” GBP subsequently rose near to the upper bound of our expected range (high was 1.3595) and then retreated sharply (low was 1.3518).” Read more…

GBP/USD Price Forecast: 50% Fibo retracement near 1.3500 acts as key support zone

The Pound Sterling (GBP) trades almost flat against the US Dollar (USD) at around 1.3530 during the European trading session on Friday. The GBP/USD pair consolidates as the US Dollar gains temporary ground, while investors seek further development on negotiations between the United States (US) and Iran regarding a permanent ceasefire.

During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades flat around 98.20, but is close to its over six-week low of 97.83 posted on Thursday. Read more…

Pound Sterling softens as focus shifts to possible US–Iran negotiations

The GBP/USD pair trades with mild losses near 1.3520 during the early European trading hours on Friday. The Cable softens against the US Dollar (USD) despite the stronger-than-expected UK economic data. Traders will closely monitor a second round of talks between the US and Iran that could take place this weekend. 

The UK Gross Domestic Product (GDP) expanded by 0.5% MoM in February, beating economists’ forecasts of just 0.1%, the Office for National Statistics showed. This reading suggested the UK economy was gaining momentum. Nonetheless, analysts at Deutsche Bank and ING warned that this momentum is likely “stale data” that has already been extinguished by the onset of the Iran war at the end of February.  Read more…