GBP/USD Live News

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GBP/USD

Jun. 7, 2023

The Pound currency pair adds 19 pips or 0.15%

Live - Updated 59 minutes ago.

After closing the previous trading day at 1.2423, the British Pound went up to 1.25 only to drop back; still positive overall today, now trading at 1.2442.

This move comes while some more positive signs for the British Pound are out as United Kingdom Construction PMI came out at 51.6, better than analyst estimates of 51.1 and improving upon the previous reading of 51.1. United States Crude Oil Inventories published today at 14:30 UTC came out at -451,000, falling short of the 1 million projections and continuing its decline from the previous 4.49 million figure.

Meanwhile, United Kingdom Mortgage Rate (GBP) (May) released today at 08:50 UTC with a figure of 7.44, while the previous figure was 7.35.

Although up today, early price action saw GBP/USD dropping below its 50 day Simple Moving Average at 1.2429 — an early indicator that a new downward trend could be emerging.

Examining the technical analysis landscape, Sterling-Dollar is likely to reverse course and start pointing downward in the short term.

A look at other currencies also shows bullish price action as GBP/NZD gained 0.86% and is now trading at 2.0604. EUR/NZD is up 0.71%. GBP/JPY increases 0.56% to trade around 174.34.

Positive indicators for the British Pound are expected going forward as projections for United States Initial Jobless Claims are set for a continuation of decline with 235,000 while previous data was 232,000; data will be released tomorrow at 12:30 UTC.

Also worthy of note, United Kingdom RICS House Price Balance (May) is expected today at 23:01 UTC.

As things stand, the British Pound is 22% away from a significant low of 1.0181 first set 8 months ago.

trade on the GBP/USD

Week to date

Stalemate for the British Pound bulls and bears .

Trading week at a glance - GBP/USD is up to 1.2442, after closing yesterday at zero. Overall, a 0% move or 12,441 pips this week. (Start trading the Pound at FXTM today).

The Pound upside coincides with further encouraging market factors as highly important Construction PMI data from United Kingdom beat analyst expectations of 51.1 with a reading of 51.6.

Meanwhile, United Kingdom Composite PMI released Monday with a figure of 54, while the previous figure was 54.9. United Kingdom Services PMI came out at 55.2, while a consensus of analysts was expecting 55.1. Fresh Manufacturing PMI data from United Kingdom came out at 47.1. United Kingdom Mortgage Rate (GBP) (May) came out at 7.44.

Furthermore, the market is looking at United Kingdom Average Earnings Index +Bonus is expected Tuesday.

Also worthy of note, United Kingdom Claimant Count Change (May) is expected Tuesday. United Kingdom GDP (YoY) (Apr) is scheduled for Wednesday.

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