Pound falls to nine-week low, UK food inflation jumps
The British pound is down for a fourth straight day, as the US dollar is showing strength against most of the majors. The pound has declined 1.5% in the current slide.
In the European session, GBP/USD is trading at 1.3338, down 0.10% on the day. The pound fell as low as 1.3315 earlier, its lowest level since May 19. UK inflation has been going up, so it was no surprise that the British Retail Consortium (BRC) Shop Price Index jumped 0.7% in July, up sharply from 0.4% in June and above the forecast of 0.2%. Read more…
GBP/USD Forecast: Pound Sterling remains bearish despite recent rebound
GBP/USD trades slightly above 1.3350 after having touched its weakest level since late May below 1.3320 earlier in the day. The pair’s technical picture points to oversold conditions, suggesting that there could be a correction before the next leg lower.
The US Dollar (USD) started the week on a bullish note and caused GBP/USD to turn south on Monday, as investors’ concerns over an economic downturn in the United States (US) eased after the US reached a trade deal with the European Union (EU). Read more…
GBP/USD Forecast: Pound Sterling remains vulnerable on broad USD strength
After posting large losses on Thursday and Friday, GBP/USD struggles to stage a rebound on Monday and trades in negative territory, slightly above 1.3400. The pair’s technical outlook suggests that the bearish bias remains intact in the short term.
The US Dollar (USD) outperforms its rivals as fears over an economic downturn in the United States (US) ease. The European Union (EU) and the US announced over the weekend that they have reached a framework trade deal that sets a blanket 15% tariff on goods traded between them. Additionally, European Commission President Ursula von der Leyen noted that they will not impose retaliatory tariffs and said they will invest $600 billion in the US on top of existing expenditures. Read more…
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