GBP/USD Weekly Forecast: The pound has room to rise in the NFP week

The US dollar’s retracement from two-decade highs alongside a positive shift in risk sentiment emerged as the key catalysts that helped GBP/USD extend its recovery rally. Dip-buying remains the underlying theme for cable traders, as they head into a holiday-shortened US Nonfarm Payrolls week. Read more…

GBP/USD records a weekly high near 1.2669 but retreats towards 1.2610s post-US PCE

The British pound marches firmly during the last week’s trading day, gaining some 0.45% after the Commerce Department reported that the Fed’s preferred inflation gauge, the Core Personal Consumption Expenditure (PCE), rose by 4.9%, in line with estimations, but lower than 5.2% in March. At 1.2614, the GBP/USD keeps extending its gains during the North American session. Read more…

GBP/USD Forecast: Buyers need to defend 1.2600 to remain in control

GBP/USD has erased its daily gains after having advanced to a monthly high of 1.2667 earlier in the day. The pair faces key support at 1.2600 and buyers could struggle to dominate the price action in case this level turns into resistance. The broad-based selling pressure surrounding the greenback fueled GBP/USD’s upside in the second half of the week. The improving market mood made it difficult for the dollar to stay resilient against its rivals and the US Dollar Index fell to its weakest level since late April below 102.00. Read more…