The GBP/USD pair saw a slight increase of 0.29% as the British Pound recovered some of its losses against the US Dollar, climbing above 1.2700 after hitting a low of 1.2674. This rise was influenced by positive data from the United States, which boosted market sentiment and weakened safe-haven currencies like the Greenback.
Despite a sharp decline in UK Retail Sales data for April, the Pound Sterling managed to bounce back above 1.2700 against the US Dollar during the New York session. The initial pressure on the GBP/USD pair was offset by a recovery in the US Dollar, which pushed the pair higher. The market is closely monitoring economic data releases from both countries for further direction.
The GBP/USD pair was unable to sustain its recovery momentum and slipped below 1.2700 during the early Asian session on Friday. After reaching a high near 1.2760, the pair faced renewed demand for the US Dollar, leading to a decrease in its value. In the upcoming sessions, investors will be focusing on key data releases including UK Retail Sales, US Durable Goods Orders, and Michigan Consumer Sentiment Index.
Overall, the GBP/USD pair remains subdued despite temporary gains, as uncertainties surrounding the global economy and geopolitical tensions continue to weigh on investor sentiment. The British Pound’s performance is closely tied to economic data releases from the UK, while the US Dollar’s strength is influenced by a combination of domestic and global factors. Traders are advised to stay vigilant and monitor market developments for potential trading opportunities in the GBP/USD pair.
