Pound Sterling Price News and Forecast: Why is GBP/USD edging lower as the US Dollar recovers?

Can the British Pound Recover Against the US Dollar Ahead of Key US Economic Releases?

A softer tone prevails for the British Pound (GBP), which slips towards 1.3312 against the US Dollar (USD) in Thursday’s European session. Renewed strength in the US Dollar (USD) weighs on the GBP/USD pair, as financial markets remain confident that the Federal Reserve (Fed) will raise interest rates in December, having held them unchanged at Wednesday’s policy meeting.

Following a pullback on Wednesday that ended a three-day winning run, the US Dollar Index (DXY) is trading marginally higher near 102.20 at the time of writing. The index measures the Greenback against a basket of six major currencies. Read the full report...

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

GBP/USD Price Forecast: Can Downside Pressure Persist Below 1.3350 and the 100-day SMA?

Selling pressure keeps GBP/USD in negative territory near 1.3320 in early European trade on Thursday. Following the UK Budget, the British Pound (GBP) loses ground against the US Dollar (USD). Attention later on Thursday will centre on the US Personal Consumption Expenditures (PCE) inflation report for September.

A timetable for raising defence expenditure to 3% of Gross Domestic Product (GDP) has been outlined by the United Kingdom (UK), with Finance Minister John Healey announcing billions in aid for Ukraine in a “clear message to Moscow.” In Wednesday’s announcement, Healey identified 2030 as the target for reaching 3%, while reiterating the UK’s NATO commitment to achieve 3.5% by 2035. Read the full report...