GBP/USD extended a near-term rebound on Wednesday, bolstered by a broad softening in US economic figures in the midweek market session.
GBP/USD climbed towards 1.2780 on Wednesday as rate cut hopes reignite. US data broadly missed the mark, signs of further softening mount. UK election on Thursday could introduce a fresh round of volatility. Thursday’s upcoming UK election will draw plenty of attention from Cable traders as US markets hunker down for the wait through Thursday’s market holiday.
In addition to the headline PMI, the Employment Index and the Prices Paid Index numbers are also watched closely by investors as they provide useful insights regarding the state of the labour market and inflation. GBP/USD technical outlook Cable has extended a near-term bullish rebound from a demand zone priced in below 1.2640, climbing towards 1.2780 on Wednesday and leaving bids adrift sharply above the 200-hour Exponential Moving Average at 1.2676.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD slumps to familiar lows in midweek action as Greenback bids reigniteGBP/USD backslid into familiar near-term lows on Wednesday as tepid market flows bolstered the US Dollar.
Read more »
GBP/USD trades below 1.2800 after safe haven flows bolster GreenbackGBP/USD shed a third of a percent through Tuesday’s trading, falling below 1.2800 after short-lived bullish momentum carried the pair into its highest bids since mid-March.
Read more »
GBP/USD IG Client Sentiment: Our data shows traders are now net-long GBP/USD for the first time since May 14, 2024 when GBP/USD traded near 1.26.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger GBP/USD-bearish contrarian trading bias.
Read more »
GBP/USD Price Analysis: Hovers around 1.2750 ahead of UK GDPThe GBP/USD pair consolidates near 1.2750 during the Asian session on Wednesday.
Read more »
Canadian Dollar holds steady against Greenback ahead of US CPI and Fed decision super WednesdayThe Canadian Dollar (CAD) is holding flat against the Greenback to kick off another trading week as momentum in the CAD space remains thin.
Read more »
British Pound Q3 Technical Forecast: GBP/USD Eyes Q2 Range Support, EUR/GBP VulnerablePound Sterling to start Q3 on the backfoot after the Bank of England put the August Meeting on the Radar for a Potential Cut. GBP emanates vulnerability
Read more »