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GBP/USD Price Analysis: Stuck in Range, Holding 1.2900 Level
The British pound is holding on to slight gains, although it remains stuck within the 1.2880-1.2940 range against the US dollar, unable to break the immediate resistance to push the GBP/USD pair towards the 1.3000 level. At the time of writing, the major pair is trading at 1.2926 after bouncing off daily lows of 1.2877. Read more…
Sterling benefits from strong UK PMI
The pound rose against its major counterparts in the New York session on Wednesday after positive preliminary data from the S&P Global/CIPS Purchasing Managers’ Index (PMI) for July. The composite PMI came in higher at 52.7 than estimates of 52.6 and the previous release of 52.3 due to increased activity in the manufacturing and services sectors. The manufacturing and services PMIs expanded to 51.8 and 52.4 respectively, beating their previous releases. Read more…
GBP/USD Price Analysis: Drops to 2-week low, bears await break below 38.2% Fibonacci level
The GBP/USD pair fell for a second day in a row – also marking the fourth day of negative movement in the previous five – and fell to a near two-week low during the Asian session on Wednesday. Spot prices are currently trading just below the 1.2900 level, down 0.15% on the day amid a modest US dollar, although any major depreciation move seems a long way off. Read more…
