Pound Sterling Price News and Forecast: GBP/USD remains constructive despite weak UK data

GBP/USD struggled to preserve its bullish momentum early Thursday and went into a consolidation phase at around 1.2300. In the second half of the day,

GBP/USD Forecast: Next hurdle for Pound Sterling aligns at 1.2360 September inflation data from the US could influence the US Dollar's valuation and drive the pair's action. The UK's real Gross Domestic Product expanded by 0.2% on a monthly basis in August, the UK's Office for National Statistics reported early Thursday. This reading followed the 0.6% contraction recorded in July and matched the market expectation.

The GBP/USD pair remains bullish despite the Office for National Statistics reporting that United Kingdom factory data in August contracted for the second time in a row. UK firms operated on lower capacity as they aimed to achieve efficiency by cutting higher inventory backlogs and their respective labor forces due to declining demand. A slowdown in demand and declining overall output is expected to discomfort Bank of England policymakers, whoare preparing for November’s interest rate decision.

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