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 this week's trading, the pound sterling fell against the euro and the US dollar after Britain announced an unexpected rise in the unemployment rate.
For the second week in a row, the GBP/USD pair has been completing its strong downward correction path, which has pushed it towards the 1.2425 support level, its lowest in five months.
The GBP/USD continued its decline last week as the US Dollar Index (DXY) gained strength.
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The British pound initially rally during the trading session on Thursday to reach the 200-Day EMA, but then turned around to show signs of negativity.
The pound sterling fell as traders flocked to the US dollar amid falling expectations of US rate cuts.
Amid a temporary halt in US dollar gains ahead of important data and events, the price of the GBP/USD pair managed to rebound higher, extending gains above the resistance level of 1.2710 before settling around the 1.2675 level at the start of Wednesday's session.
The British pound continued to decline to below $1.26, as a strong US jobs report raised expectations that the Federal Reserve will deliver fewer rate cuts this year compared to the Bank of England.
The US dollar fell against other major currencies after the ISM Services PMI survey showed a slowdown in momentum, raising hopes that the Federal Reserve will cut interest rates for the first time in June.
Finally, hopes of the GBP/USD currency pair moving towards the psychological resistance level of 1.3000 in the near term have evaporated.
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At the end of last month, the pound fell to $1.26, close to its lowest level since February 19, and is on track to lose about 1% against the dollar in the first quarter.
The recent failure of the pound to hold its ground has seen the GBP/USD currency pair break below the 1.2600 support level.
As March trading draws to a close, the British pound has stabilized around the $1.26 level, poised for a quarterly decline of 0.7% against the US dollar.
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Sign up to get the latest market updates and free signals directly to your inbox.According to the performance in the forex market, the British Pound has shown more flexibility against the Euro and the US Dollar, with the probability of interest rate cuts in June reaching 80%.
The technical view for the British Pound against the US Dollar “GBP/USD” exchange rate has collapsed, with the potential for further weakness in trading this week.
The downward pressure on the British pound increased after the Bank of England took a step closer to cutting interest rates.