GBP/USD bounces from weekly lows and marches firmly above 1.2530s pre-FOMC minutes

The British pound recovers some ground on Wednesday during the North American session, bouncing near weekly lows around 1.2480s and back above the 1.2500 figure. At 1.2545, the GBP/USD grinds higher due to an improved market mood. Read more…

GBP/USD Forecast: Near-term technicals turn bearish

Following the sharp decline witnessed on Tuesday, GBP/USD has failed to stage a convincing rebound. The near-term technical outlook shows that sellers look to dominate the pair’s action and a four-hour close below 1.2500 could open the door for additional losses. Read more…

GBP/USD Outlook: Doubts over further BoE rate hikes favour bears, focus on FOMC minutes

The GBP/USD pair witnessed a dramatic intraday turnaround on Tuesday and plunged over 125 pips from the 1.2600 neighbourhood, snapping a three-day winning streak. The steep decline followed the disappointing release of UK PMI prints, which showed a sharp deceleration in growth during May and raised concerns about a possible recession. In fact, the flash S&P/CIPS Services PMI missed market expectations by a big margin and tumbled to a 15-month low level of 51.8. Adding to this, the flash Manufacturing PMI fell to 54.6 from 55.8 in the previous month. The data reaffirmed the Bank of England’s gloomy economic outlook and forced investors to scale back bets for any further rate hikes in the near future, which, in turn, weighed heavily on the British pound. Read more…

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