The post GBP/USD clings to gains on cheerful market mood appeared on BitcoinEthereumNews.com.

Pound Sterling clings to gains on cheerful market mood, UK inflation comes under spotlight The Pound Sterling (GBP) trades close to an almost two-month high around 1.2700 in Monday’s European session. The GBP/USD pair strengthens as the US Dollar (USD) is on the back foot as financial markets remain confident that the Federal Reserve (Fed) will start lowering interest rates from the September meeting.  Investor confidence in Fed rate cuts has strengthened due to a decline in the United States Consumer Price Index (CPI) data and easing labor market conditions as suggested by recent Employment and Initial Jobless Claims data.  Read more… GBP/USD Forecast: Pound Sterling could correct lower if it fails to clear 1.2700 GBP/USD seems to have entered a consolidation phase near 1.2700 at the beginning of the week. In the absence of macroeconomic data releases, market participants will continue to scrutinize comments from Federal Reserve (Fed) officials. Following a short-lasting downward correction on Thursday, GBP/USD regained its traction and reached its highest level in nearly two months above 1.2700 on Friday. On a weekly basis, the pair rose 1.4%. Read more… Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-clings-to-gains-on-cheerful-market-mood-202405201137

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Filed under: News - @ May 20, 2024 2:12 pm