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GBP/USD Forecast: Pound Sterling recovery attempts could remain short-lived GBP/USD declined sharply at the weekly opening and touched its lowest level in two weeks near 1.2250. Although the pair corrects higher and trades above 1.2300 in the European session, it could have a difficult time gathering recovery momentum, with safe-haven flows dominating the action in financial markets. Over the weekend, US President Donald Trump delivered on his tariff threats, announcing that they will impose sweeping 25% tariffs on Mexican and Canadian imports and 10% on Chinese goods entering the US. Additionally, Trump told reporters that he would “definitely” impose tariffs on European imports but didn’t provide any additional details. Read more…   GBP/USD Weekly Outlook: Pound Sterling faces resistance ahead of BoE decision The Pound Sterling (GBP) recovery gathered steam against the US Dollar (USD), driving GBP/USD to three-week highs above 1.2500 before buyers turned to the sidelines. Sentiment surrounding  US President Donald Trump’s tariff plans and the US Federal Reserve’s (Fed) policy outlook remained the primary drivers for the GBP/USD pair in the past week. GBP/USD set off the week on a firm footing, hitting the highest level in three weeks at 1.2523 after witnessing good two-way businesses. On Sunday, President Trump slapped a 25% tariff on all Colombian imports, which would be escalated to 50% in a week after the South American country refused to take back deported migrants. Colombia’s President Gustavo Petro threatened his own 50% tariff hours later. Read more… Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-recovery-attempts-could-remain-short-lived-202502031124

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Filed under: News - @ February 3, 2025 1:17 pm