GBP/USD Analysis: Traders Brace for Significant Events – 12 August 2024
-- As of this writing, the GBP/USD currency pair was trading at
-- Last Friday, it attempted to rebound upwards, but its gains did not exceed the resistance level of 1.2773.
-- It had recovered previously from significant losses during the same week, reaching a low of 1.2662, its lowest level in over a month.
-- Furthermore, the recent attempts at upward rebound have stalled as the US dollar regained some of its recent losses on Thursday following the release of better-than-expected jobs data.
While the range of the US dollar’s rise remained largely limited, the “US dollar” received support from a larger-than-expected decline in the latest initial jobless claims report. According to the results of the economic calendar, the number of Americans filing for unemployment benefits fell to 233,000 for the week ended
Commenting on the US jobs data,
After undergoing significant selling earlier in the week amid fears of a US economic recession that gripped global markets, the US dollar appeared to end the week quietly. However, strong expectations that the
The Pound Sterling (GBP) Under Pressure Amidst Data Slumps
Conversely, the Pound Sterling (GBP) was largely subdued on Thursday as the
Somewhere else, growing bets on a
Looking ahead, a data-free weekend in both the
Elsewhere, the easing of interest rate cut speculation could weigh on currency movement. As markets continue to price in multiple rate cuts from the Fed and the
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Technical forecasts for the GBP/USD pair today:
This week, GBP/USD may react heavily to the release of US and
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