The most active trading sessions for the GBP/USD currency pair occur in London and New York, with some activity during Asian markets from 2400 GMT to 0900 GMT..
GBP/USD is sensitive to political and economic developments in the UK. It's influenced by interest rate differentials, economic data, and geopolitical events. For the latest updates and forecasts on GBP/USD, consult reliable sources and market analysis reports to make informed trading decisions
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According to recent trading, the price of the US dollar generally recovered last Thursday, with a feeling that the markets may have overreacted to the US inflation data in the same week.
The British pound has pulled back just a bit during the early hours on Friday, only to turn around and show signs of strength again.
The British pound initially trying to rally during the session in the early hours of Thursday but has turned back around to show signs of hesitation.
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Amidst a weakening US dollar, the GBP/USD currency pair surged to a resistance level of 1.2700 this morning, Thursday.
The British pound has rallied significantly in the early hours on Wednesday, but now is facing a major resistance barrier against the greenback.
According to Forex market trading, the pound sterling briefly dipped before recovering to around $1.25 as traders digested recent labor data and monetary policy expectations.
The British pound initially fell during the trading session on Tuesday, reaching down toward the 1.25 level before turning around again.
GBP/USD bulls have pushed the pair above 1.2500, but bears are still in control of the trend.
Last Friday concluded a busy week for UK markets with the release of Gross Domestic Product (GDP) data
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The British pound initially pulled back during the trading session on Friday to test the crucial 1.25 level.
The GBP/USD exchange rate has fallen below the psychological support level of 1.2500, extending losses to the 1.2467 support level before settling around 1.2495
GBP/USD attempted to hold above the 1.2500 level to avoid further losses, but with bearish sentiment ahead of the Bank of England's announcement tomorrow, GBP/USD has slipped to the 1.2484 support level as of writing.
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Sign up to get the latest market updates and free signals directly to your inbox.The late week decline in the GBP/USD exchange rate is an ominous sign and suggests potential losses in the coming days.
The Bank of England may this week provide a clearer signal on whether it plans to cut interest rates this summer, just as investors bet on delayed easing expectations.
GBP/USD shows hesitation as it navigates between key EMAs, with potential resistance ahead and jobs data on Friday likely to influence direction.