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British Pound (GBP) Latest: GBP/USD Battling a Rampant US Dollar

British Pound (GBP) Latest: GBP/USD Battling a Rampant US Dollar

Nick Cawley, Strategist

GBP/USD Price, News and Analysis

  • GBP/USD back to 1.2900 but upside is currently capped.
  • PMI data will drive the next move in the pair.

US Dollar Remains the Cleanest Shirt in a Dirty Laundry Basket

Sterling has suffered against the US dollar this week with GBP/USD trading back down to the 1.2850 level before pulling back. Sterling as a currency is not overly weak but the headline pair are being driven by the greenback which hit its highest level since May 2017 on Thursday. US dollar strength is expected to remain ahead of the latest US PMI readings at 13:30 GMT.

Sterling will have an opportunity to reclaim some of its recent losses against the US dollar at 9:30 GMT today when UK PMIs will be released. If these numbers show continued post-general election strength, GBP/USD will look at 1.2930 as its first upside target. After here, the pair are likely to tread water ahead of the US figures. For all market moving data and events, see the DailyFX Calendar.

Trading Forex at the News Release

Against other currencies, Sterling has pushed marginally, especially against the Japanese Yen, the Australian dollar and the New Zealand dollar, which are all suffering bouts of weakness.

GBP/NZD – Building Momentum for Another Test of Resistance

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GBP/USD Daily Price Chart (June 2020 – February 21, 2020)

GBPUSD daily price chart
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Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling (GBP) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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