The Pound Sterling (GBP) consolidates in a tight range near 1.2800 against the US Dollar (USD) in Friday’s European session.
The Pound Sterling trades sideways 1.280near0 against the US Dollar ahead of the US NFP data for May. US NFP will significantly influence expectations for Fed interest-rate cuts in September. The UK’s strong wage growth remains a major driver of stubborn service inflation. The Pound Sterling consolidates in a tight range near 1.2800 against the US Dollar in Friday’s European session.
2800 The Pound Sterling trades inside Thursday’s trading range ahead of the US NFP data for May. The GBP/USD pair struggles to break decisively above 1.2800. However, the Cable's near-term outlook remains firm as it trades above 1.2770, the 78.6% Fibonacci retracement support . The Cable is expected to remain in the bullish trajectory as the 20-day and 50-day Exponential Moving Average at 1.2710 and 1.2650, respectively, are sloping higher, indicating a strong uptrend.
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