GBP/USD Live News

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Jan. 31, 2023

Weak sentiment sees the British Pound posting 0.37% loss

Live - Updated 59 minutes ago.

Sterling-Dollar slides down from 1.2354 to 1.2308 today, losing 45 pips (0.37%).

On the flip side, positive data for Sterling-Dollar released earlier when Consumer Confidence in United States fell short of market expectations (109) with a reading of 107.1, continuing the decline from the previous figure of 109.

While price action maintains a negative bias, United States Chicago PMI (Jan) released today at 14:45 UTC with a figure of 44.3, while the previous figure was 45.1. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Nov) came out at 6.8, while a consensus of analysts was expecting 6.8.

The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. The British Pound pushed below the 1.2328 support level and extended 19 pips beyond it.

In the short term, Sterling-Dollar is expected to maintain its recent downtrend and continue spiralling lower.

In the meantime, negative performances are seen in other pairs, USD/CHF drops 0.62% to trade around 0.9192. GBP/CAD closed at 1.6424 (down 0.64%). GBP/JPY stumbles 0.58% to trade around 160.09.

Furthermore, United Kingdom Manufacturing PMI figure is projected at 46.7. It previously stood at 46.7; data will be released tomorrow at 09:30 UTC. United Kingdom Nationwide HPI (MoM) (Jan) is scheduled for tomorrow at 07:00 UTC. United Kingdom Nationwide HPI (YoY) (Jan) is expected tomorrow at 07:00 UTC.

Sterling-Dollar is now trading 21.34% away from its significant low of 1.0181 first tested 3 months ago.

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Week to date

The British Pound is trading around 1.2308, after closing the previous week at 1.2308 (down 0%) .

Trading week at a glance - GBP/USD is up to 1.2308, after closing yesterday at zero. Overall, a 0% move or 12,308 pips this week. (Trade the British Pound with FXTM now).

Uptick comes while some more positive signs for the Pound are out as highly important Consumer Confidence data from United States beat analyst expectations of 109 with a reading of 107.1.

On the flip side, highly important Pending Home Sales data from United States beat analyst expectations of -0.9% with a reading of 2.5%.

Meanwhile, United Kingdom CFTC GBP speculative net positions released Friday with a figure of -23,900, while the previous figure was -24,700. United States Core PCE Price Index (MoM) (Dec) came out at 0.3, while a consensus of analysts was expecting 0.3. Fresh New Home Sales (Dec) data from United States came out at 616,000.

Outlook for rest of the week: Positive indicators for the British Pound are expected going forward as United Kingdom Construction PMI is projected to outperform its last figure with 49.6. It previously stood at 48.8; data will be released Monday.

The market is looking forward to the release of new data: United Kingdom BoE Interest Rate Decision (Jan) is expected Thursday. United Kingdom Composite PMI is expected Friday.