GBP/USD finds support from muted USD price action

GBP/USD remains steady above 1.2700 despite subdued USD price action

The GBP/USD pair is trading with a slightly positive bias for the third day in a row and remains steady just above the 1.2700 level during the Asian session on Thursday. However, spot prices lack bullish conviction and remain below the weekly high reached on Monday.

The US Dollar (USD) continues its consolidating sideways move as traders prefer to wait until the release of the US Nonfarm Payrolls (NFP) report on Friday. This, in turn, is seen as a key factor providing tailwind to the GBP/USD pair. However, expectations of a less accommodative Federal Reserve (Fed) are triggering a slight increase in US Treasury yields and having a positive impact on the greenback. Read more…

GBP/USD Price Forecast: Struggles to clear 1.2700, fluctuates around 1.2650

GBP/USD fluctuated between gains and losses and remained stuck in the 1.2630-1.2700 range for the third straight day. Despite breaking 1.2700, buyers remain unable to push prices higher amid dovish comments from Bank of England (BoE) Governor Andrew Bailey.

The GBP/USD downtrend paused as the pair made an uptrend towards 1.2749 before falling below 1.2700. Momentum shows that neither buyers nor sellers are in charge as the Relative Strength Index (RSI) remains stable at around neutral levels. Read more…