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Reading: GBP/USD bounces back despite UK PMI disappointment
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Gulf Press > Business > Forex > GBP/USD bounces back despite UK PMI disappointment
Forex

GBP/USD bounces back despite UK PMI disappointment

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Last updated: 2024/10/24 at 11:10 PM
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The GBP/USD pair saw a 0.4% recovery on Thursday, with the Pound Sterling gaining ground despite UK PMI figures falling short of expectations. The US PMI data, on the other hand, exceeded expectations which helped limit losses for the Greenback. The GBP/USD ended the day below the 1.3000 mark, with the US PMI figures helping keep the pair steady.

On Friday, the focus shifts to US Durable Goods Orders and the 5-year Consumer Inflation Expectations from the University of Michigan. Headline US Durable Goods Orders for September are expected to contract by 1.0% from the previous month. The UoM 5-year Consumer Expectations are expected to remain close to their previous print of 3.0%. With no significant UK economic data due on Friday, the market will be closely watching these US indicators for any impact on the GBP/USD pair.

The GBP/USD pair is currently in a corrective phase following a bullish rally that peaked near the 1.3300 level in early October. The pair found support near the 200-day EMA at 1.2848 and is now trading below the 50-day EMA at 1.3057, indicating a bearish trend in the short term. However, buyers have stepped in to defend the 200-day EMA, suggesting a potential reversal of the downward move. The MACD indicator is in bearish territory but shows signs of slowing momentum, with a potential bullish crossover if the pair holds above the key support level.

The Pound Sterling (GBP) is the oldest currency in the world, with the Bank of England (BoE) issuing it as the official currency of the United Kingdom. The BoE’s monetary policy decisions, based on achieving price stability through interest rate adjustments, are the most significant factors influencing the value of GBP. Economic indicators such as GDP, PMIs, and employment data also impact the value of the Pound Sterling. A strong economy attracts foreign investment and may lead to interest rate hikes, strengthening GBP.

The Trade Balance is another important data release for the Pound Sterling, measuring the difference between exports and imports. A positive net Trade Balance strengthens a currency, as it indicates a higher demand for exports. On the other hand, a negative balance can lead to a weaker currency. Overall, economic data releases, along with monetary policy decisions, play a crucial role in determining the value of the Pound Sterling in the forex market.

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News Room October 24, 2024
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