GBP/USD Reaches 13-Month High Before Retracing: What Does This Mean for Investors?
The GBP/USD pair hit a fresh 13-month high of 1.3130 before pulling back as market sentiment shifted, leading to a drop to 1.3090. The UK PMI figures showed improvement, but mixed US PMIs caused risk aversion in the market.
Forex Today: Investors Await Powell’s Speech at Jackson Hole
All eyes are on Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole Economic Symposium, where investors hope for clearer guidance on the likelihood and extent of a rate cut in September.
UK PMI figures exceeded expectations in August, with Services activity reaching its highest level since April. On the other hand, US Manufacturing PMI fell below forecasts, raising concerns about the labor market despite an uptick in Services PMI numbers.
GBP/USD Price Forecast: What to Expect Next?
Although Cable snapped a five-day winning streak, the GBP/USD pair is still poised to breach multi-year highs if buyers can maintain pressure. The odds favor buyers as the pair has closed in the green for most of the last ten trading days.
Pound Sterling FAQs
The Pound Sterling (GBP) is the oldest currency in the world and the official currency of the United Kingdom. Its value is influenced by factors such as monetary policy, economic data releases, and the Trade Balance. Understanding these factors can help investors make informed decisions about trading GBP.