Pound Sterling Price News and Forecast: GBP/USD could surpass 1.2800 on weak US jobs data

July 5, 2024 12:11 pm

GBP/USD Forecast: Pound Sterling could surpass 1.2800 on weak US jobs data

Following Thursday’s subdued action, GBP/USD regained its traction and reached its highest level in three weeks near 1.2780 on Friday. 1.2800 aligns as next immediate resistance for the pair as investors gear up for the key data releases from the US.

The Labour Party won a parliamentary majority in the UK general election, securing 411 seats in the 650-seat House of Commons and paving the way for Labour leader Keir Starmer to become the next prime minister. As this outcome was largely expected, it had little to no impact on Pound Sterling’s valuation. Read more…

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GBP/USD Forecast: Pound Sterling holds steady on UK election day

GBP/USD advanced toward 1.2800 and reached its highest level since June 13 on Wednesday. With the market action turning subdued on Thursday, the pair entered a consolidation phase at around 1.2750.

The renewed selling pressure surrounding the US Dollar (USD) fuelled a leg higher in GBP/USD as markets reacted to dismal macroeconomic data releases. The ADP’s monthly publication showed that payrolls in private sector increased 150,000 in June, missing the market expectation of 160,000, and the Department of Labor announced that there were 238,000 first-time applications for unemployment benefits in the week ending June 29, up from 233,000 in the previous week. Read more…

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