GBP/USD Price Forecast: Upbeat UK data fuels rally, stalls at 1.3050
The Pound Sterling resumed its uptrend after hitting a weekly low of 1.2974 on Wednesday. It surged after the UK Retail Sales data was stronger than foreseen by market analysts, portraying a robust economy. Nevertheless, traders remain convinced that the Bank of England (BoE) would lower rates as inflation fell below the bank’s 2% target. At the time of writing, the GBP/USD trades at 1.3036. Read More…
Pound Sterling gains on unexpected growth in UK Retail Sales
The Pound Sterling (GBP) outperforms its major peers on Friday due to stronger-than-expected United Kingdom (UK) Retail Sales data for September. The Retail Sales data, a key measure of consumer spending, grew by 0.3%, while economists anticipated it to decline by 0.3% month-on-month. On year, the consumer spending measure rose at a robust pace of 3.9%, higher than estimates of 3.2% and the August reading of 2.3%, which was downwardly revised from 2.5%. Read More…
GBP/USD ticks higher to 1.3025 area on softer USD, BoE rate-cut bets cap gains
The GBP/USD pair attracts some follow-through buying during the Asian session on Friday and looks to build on the overnight bounce from the 1.2975-1.2970 region, or a two-month low. Spot prices currently trade around the 1.3020-1.3025 area, up 0.10% for the day amid a modest US Dollar (USD) downtick, though any meaningful appreciating move still seems elusive. Read More…