GBP/USD Weekly Forecast: Pound Sterling risks correction, eyes turn to US PCE inflation
The Pound Sterling (GBP) clinched a second consecutive weekly gain against the US Dollar (USD), as the GBP/USD pair reached its highest level since March 2022, above 1.3200.
GBP/USD witnessed another blockbuster week, devoid of high-impact economic events from the United Kingdom (UK). The underlying positive tone around the major was mainly driven by the sustained weakness in the US Dollar against its major rivals. Read more…
GBP/USD edges higher above 1.3200 as Fed’s Powell signals ready to cut rates
The GBP/USD pair trades on a stronger note around 1.3215 during the early Asian session on Monday. The signal that the US Federal Reserve (Fed) will start easing its monetary policy in September drags the Greenback lower and supports GBP/USD. Market players await the US Durable Goods Orders for July, which are due later on Monday.
At Jackson Hole on Friday, Fed Chair Jerome Powell gave a clear signal that the FOMC will cut the target range for the Federal Funds Rate at their next meeting on September 17-18 as inflation is on a sustainable path back to the 2% target. Nonetheless, Powell did not want to provide a hint about the size of the rate cut in September and the pace of the rate cut this year as the Fed remains data-dependent. Read more…
