GBP/USD is trending lower towards 1.3100 in the European session on Tuesday, signaling a bearish outlook. Investors are eagerly anticipating the release of August ISM Manufacturing PMI data from the US, which could further impact the currency pair’s movement.
British Pound PRICE Last 7 days
The table below illustrates the percentage change of the British Pound (GBP) against major currencies over the last 7 days. Notably, the British Pound was the weakest against the US Dollar.
GBP/USD closed the first day of the week with minimal changes, attributed to thin trading volumes during the US Labor Day holiday. However, as trading conditions normalize, the US Dollar (USD) is benefiting from a risk-averse market sentiment, pushing GBP/USD lower.
The upcoming release of August Manufacturing PMI data by ISM will be crucial. A better-than-expected PMI figure could strengthen the USD and keep GBP/USD under pressure. Conversely, a poor employment component in the PMI survey might signal labor market concerns, potentially diminishing USD strength.
GBP/USD Technical Analysis
GBP/USD broke below key support levels and the RSI indicator suggests continued selling pressure. Immediate support lies at 1.3100, followed by 1.3040 and 1.3000. On the upside, overcoming 1.3130 could indicate a reversal, with resistance at 1.3170 and 1.3200.
Pound Sterling FAQs
Learn more about the Pound Sterling (GBP), the oldest currency globally, and its impact on the United Kingdom’s economy. Understand how monetary policy, data releases, and trade balance affect the value of the Pound Sterling.
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