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Reading: GBP/USD Climbs Sharply, Returning Above 1.2380: Pound Sterling Price News and Predictions
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Gulf Press > Business > Forex > GBP/USD Climbs Sharply, Returning Above 1.2380: Pound Sterling Price News and Predictions
Forex

GBP/USD Climbs Sharply, Returning Above 1.2380: Pound Sterling Price News and Predictions

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Last updated: 2024/05/15 at 3:59 PM
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The GBP/USD pair reached a new five-week high of 1.2670 following the release of the US Consumer Price Index (CPI). This increase in the Pound Sterling came as the data showed a continuation of the disinflation process in the US, causing the Greenback to weaken. The GBP/USD pair is currently trading at 1.2641, indicating a 0.30% gain for the Pound.

With soft US inflation data and stagnant Retail Sales figures for April, the US Dollar has been under pressure, leading to the GBP/USD pair reaching new highs. The US Dollar Index (DXY), which tracks the Greenback’s value against major currencies, has dropped sharply to around 104.50. This decline in the US Dollar has boosted the prospects of a rate cut by the Federal Reserve, further supporting the Pound Sterling’s rally.

As the GBP/USD pair continues to consolidate gains above the 1.2580 level, all eyes are on the upcoming US Consumer Price Index and Retail Sales data for April. The pair is currently holding above the 100-day Exponential Moving Average (EMA) but is struggling to break above the key 1.2600 resistance level. Traders are also monitoring speeches by Fed officials Kashkari and Bowman for any hints on future monetary policy decisions.

Overall, the GBP/USD pair’s rally to new highs is primarily driven by weakness in the US Dollar following disappointing US economic data. The disinflation process in the US has raised expectations of a rate cut by the Federal Reserve, further supporting the Pound Sterling’s gains. Traders are now closely watching upcoming US economic data and Fed speeches for further clues on the future direction of the GBP/USD pair.

In conclusion, the GBP/USD pair has surged to a five-week high of 1.2670 as soft US inflation data and stagnant Retail Sales figures weigh on the US Dollar. The Pound Sterling’s rally is supported by expectations of a rate cut by the Federal Reserve, with traders closely monitoring upcoming US economic data and Fed speeches for further guidance. The GBP/USD pair continues to consolidate gains above the 1.2580 level, with resistance seen near 1.2600.

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News Room May 15, 2024
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