GBP/USD hits weekly lows under 1.4100 as the US dollar soars

The GBP/USD is falling more than 50 pips and is back under the 20-day moving average for the first time in a month. A rally of the US dollar across the board sent cable to the 1.4100 area, after trading above 1.4200, during the European session. It bottomed at 1.4099. Data boosts the US dollar across the board on Thursday. Cable heads for lowest daily close since May 14. Read more…

GBP/USD Forecast: Test of the 1.4000 threshold on the cards

The GBP/USD pair trades at around 1.4085, not far from a daily low at 1.4091. The pair peaked at 1.4202 for the day, as the pound found support in an upbeat Markit report, which showed that the UK’s Services PMI expanded by more than anticipated in May, hitting 62.9. Concerns about US tapering weighed on equities, which dragged lower high-yielding currencies. Resurgent demand for the dollar pushed the pair further lower after the release of better than expected US data. Read more…

GBP/USD slides back closer to session lows, around mid-1.4100s post-US data

GBP/USD failed to preserve upbeat UK PMI-inspired modest intraday gains to the 1.4200 mark. A combination of factors continued underpinning the USD and capped the upside for the major. Better-than-expected US ADP report, jobless claims did little to provide any meaningful impetus. The GBP/USD pair struggled to capitalize on its intraday positive move and has now retreated over 50 pips from daily swing highs. The pair has now dropped to the lower end of its daily trading range and was last seen hovering around mid-1.4100s post-US ADP report. Read more…