GBP/USD plunges to 18-month-old fresh lows around 1.2820s on weaker UK data and dismal mood

The British pound plummets and breaks below 1.3000 and 1.2900 and reaches a fresh eighteen-month low around 1.2828, amidst a dismal market mood and continuing central bank speaking at an IMF event in Washington. At 1.2831, the GBP/USD weakened the most since November 2020. Global equities are suffering a blood bath in the day. Global bond yields are rising, while the greenback remains buoyant and reaching a fresh YTD high around 101.33, up some 0.61%, as central bankers and finance ministers speak at an IMF panel. Read more…

GBP/USD Weekly Forecast: More pain in the offing on Fed-BOE contrast

GBP/USD saw a down week and almost tested the 1.2900 threshold, making the previous week’s rebound look like an aberration to an ongoing multi-month downtrend. GBP bulls did try to recapture 1.3100 in the second half of the week but the US dollar demand remained unparalleled. The pair readies for the critical US economic releases in the week ahead while the UK docket appears relatively quiet. Read more…

GBP/USD Forecast: Where is the bottom for the pound?

GBP/USD has lost its traction after extending its rebound toward 1.3100 on Thursday. Pressured by cautious comments from Bank of England (BOE) officials and disappointing data releases from the UK, the pair came under heavy bearish pressure early Friday and was last seen trading at its lowest level since November 2020 below 1.2900. Although profit-taking ahead of the weekend could help the pair rebound, buyers are unlikely to show interest in the British pound given the severity of the latest decline. Read more…

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