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Gulf Press > Business > Forex > News and Forecast: Pound Sterling Price Movement – GBP/USD Consolidating Recent Losses
Forex

News and Forecast: Pound Sterling Price Movement – GBP/USD Consolidating Recent Losses

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Last updated: 2024/06/17 at 4:56 AM
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The GBP/USD pair is facing volatility as the UK Consumer Price Index (CPI) data and the Bank of England (BoE) meeting approach. The Pound Sterling has rebounded against the US Dollar, reaching a three-month high before facing resistance around the 1.2800 level. However, it struggled to maintain its gains and is now hovering near its lowest level since early May, below the 1.2700 mark. The USD Index, which measures the strength of the US Dollar against other currencies, has been on the rise following the Federal Reserve’s hawkish surprise last week. The Fed’s decision to project only one interest rate hike in 2024 has boosted US Treasury bond yields and supported the Greenback, putting pressure on GBP/USD.

The GBP/USD pair’s inability to hold above the 1.2800 level signals potential downside risk, especially with the bullish sentiment surrounding the US Dollar. The upcoming UK CPI data and BoE meeting could further weigh on the Pound Sterling, as investors assess the economic outlook and monetary policy outlook. The recent hawkish shift by the Fed has increased the divergence between US and UK monetary policy, favoring the US Dollar over the Pound. Traders will be closely watching the CPI data for any signs of inflationary pressures, which could influence the BoE’s future policy decisions. A strong CPI reading could raise expectations for a rate hike by the BoE, providing support for the Pound Sterling.

As the GBP/USD pair continues to trade below the 1.2700 mark, downside momentum could accelerate, with the potential for a retest of the recent lows. The broader market sentiment and risk appetite will also play a role in determining the direction of the currency pair, as concerns about the global economic recovery and rising inflation persist. Geopolitical factors and market volatility could further impact the GBP/USD pair, adding to the uncertainty surrounding its future movements. Traders should closely monitor key support and resistance levels, as well as any developments in the UK and US economies, to gauge the potential for further price fluctuations.

In conclusion, the GBP/USD pair faces volatility as key events such as the UK CPI data and the BoE meeting approach. The recent strength in the US Dollar, driven by the Fed’s hawkish surprise, has put pressure on the Pound Sterling, pushing the currency pair lower. Traders should remain cautious and monitor economic data releases and central bank decisions for clues about future market direction. The GBP/USD pair’s ability to hold above key support levels will be critical in determining its next move, as market sentiment and risk appetite continue to influence currency movements.

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News Room June 17, 2024
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