Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
GBP/USD Pushing Higher Amid Broad Weakness in the Greenback

GBP/USD Pushing Higher Amid Broad Weakness in the Greenback

Brendan Fagan, Contributor
What's on this page

British Pound - Talking Points

  • GBP/USD reclaims 1.2550 after retracing some of Wednesday’s decline
  • Lighter volumes as UK celebrates the Queen; risk benefitting
  • Near-term calendar is quiet ahead of June 16 BoE meeting
GBP Forecast
GBP Forecast
Recommended by Brendan Fagan
Get Your Free GBP Forecast
Get My Guide

The Pound pushed well into the 1.2550 region amid broad US Dollar weakness on Thursday, which helped reclaim some of the territory lost during Wednesday’s sharp pullback. Extremely hot inflation and slowing economic data leaves the Pound vulnerable, and that is excluding mounting political pressure on Prime Minister Boris Johnson.

Sterling appears to be benefitting from lighter FX volumes, as UK markets are off for the rest of the week to celebrate the Queen’s platinum jubilee. Risk in general has taken these lighter volumes in stride, with US equity benchmarks higher and safe haven FX heading lower. Despite the pop, GBP/USD remains lower on the week, after 1.26 offered little to no support in yesterday’s session. The Pound may remain vulnerable as traders jostle ahead of a key period of G10 central bank meetings. Friday’s NFP report in the US could see Sterling sink back below the 1.25 threshold, should the report come in hot.

GBP/USD 4 Hour Chart

Chart created with TradingView

The UK economic calendar appears light ahead of the June 16th Bank of England policy meeting. Retail sales and PMI data highlight quiet period before a flurry of central bank meetings. With the Fed, BoE, and ECB all set to raise rates in such a short span of time, we may be in store for a period of heightened volatility across G10 FX.

Upside potential in the Pound remains limited below 1.2650, as price was unable to break through that area last week. A fall into the 1.2450 area may present an opportunity for bulls to reload, as this area has offered strong support for much of the last 3 weeks.

Upcoming UK Economic Calendar

Courtesy of the DailyFX Economic Calendar

Trade Smarter - Sign up for the DailyFX Newsletter

Receive timely and compelling market commentary from the DailyFX team

Subscribe to Newsletter

Resources for Forex Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

--- Written by Brendan Fagan, Intern

To contact Brendan, use the comments section below or @BrendanFaganFX on Twitter

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