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After closing the third consecutive day in negative territory on Wednesday, GBP/USD edged higher and stabilized near 1.2300 in the European session on Thursday. In case the pair confirms 1.2300 as support, technical buyers could help it stretch higher.
Although the US Dollar came under renewed bearish pressure amid falling US Treasury bond yields in the American session on Wednesday, the cautious market stance limited GBP/USD’s rebound. Early Thursday, US stock index futures trade mixed and the UK’s FTSE 100 stays flat. Read more…
The Pound Sterling (GBP) is stuck in a tight range as investors seem unwilling to build fresh positions ahead of the release of the UK Q3 Gross Domestic Product (GDP) data, published on Friday at 07:00 GMT. The GBP/USD pair remains on tenterhooks as the Q3 GDP report will shape December’s monetary policy outlook of the Bank of England (BoE).
A decline in consumer spending, poor Services PMI, postponed demand for housing, and contracting hiring have set a negative undertone for the UK’s economic performance in the July-September period. A poor GDP report would elevate dovish expectations from various BoE policymakers, especially from Swati Dhingra, who favors cutting rates if the growth rate remains below expectations. GDP data will be followed by employment and inflation data, which will be released next week. Read more…
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