GBP USD

It was a brutal week for the British Pound, with GBP showing its largest weekly loss against the Euro in more than a year.

GBP/USD approaches the November 2023 low (1.2096) after failing to defend the 2024 low (1.2300).

I doubt we’ll be seeing too much weakness in December’s NFP figures later today, and that could prompt another bid for the USD. But with Trump likely to revive his disdain for a strong dollar, perhaps a pullback is not too far away.

British Pound plunged nearly 2.7% off the weekly high with price responding to trend support ahead of NFP. Battle lines drawn on the GBP/USD short-term technical charts.

GBP/USD tumbles to a 13-month low as government bond yields surge. FTSE rises as the pound plunges.

Cable is pushing down to fresh eight-month-lows today, nearing a major support level, and GBP/JPY is showing a non-completed morning star.

GBP/USD may continue to trade within the 2024 range should it extend the recent series of higher highs and lows.

GBP/USD trades below the May low (1.2446) as it extends the decline from earlier this week.

GBPUSD Forecast: the pound’s drop against the dollar’s rally was cushioned at the 1.2480 low, further supported by rate hold expectations given the inflationary risks of UK’s new labor law. However, today’s contracting GDP reading at -0.1% reflects growth concerns and adds complexities to next week’s BOE decision.

EUR/USD looks to the ECB rate decision. GBP/USD stays in range ahead of US PPI data & jobless claims.

GBP/USD trades within the opening range for December as it gives back the advance from the start of the week.

Showcasing the GBP strength is the struggling EUR/GBP. With the latter testing the 0.82 support area, sterling is therefore trading at its best levels since March 2022 against the euro. But against the dollar, it has been held back. In fact, I reckon there is a good chance we may see the GBP/USD start to head lower again and may even go on to break 1.2500 support, once UK’s services inflation eases more significantly - possibly in early next year. If seen, that would allow the BoE to turn more dovish. So, the GBP/USD outlook remains bearish heading into 2025.

The British Pound continues to recover against the US Dollar after a brutal start to Q4, but can GBP/USD turn this into anything more than a pullback?

GBPUSD, Gold Analysis: As we approach the final central bank decisions for 2024 from the Fed, BOJ, and BOE, major reforms in the Middle East are adding layers of volatility to the US Dollar and haven assets ahead of the holidays.

GBP/USD remains susceptible to a bear-flag formation as the 50-Day SMA (1.2893) reflects a negative slope.

British Pound rallied more than 2.1% off the November low with the GBP/USD now testing pivotal resistance. Battle lines drawn on the GBP/USD technical charts.

DAX rises to record highs despite weak PMI data. GBP/USD falls as UK services PMI falls to its lowest level in a year.