The Pound Sterling (GBP) weakens to 1.2880 against the US Dollar (USD) in Thursday’s London session.
The Pound Sterling declines against the US Dollar to nearly 1.2880 amid dismal market sentiment ahead of advanced US Q2 GDP data. Firm preliminary S&P Global/CIPS PMI for July has improved the UK’s economic outlook. BoE officials hesitate to authenticate market speculation for a rate cut in August. The Pound Sterling weakens to 1.2880 against the US Dollar in Thursday’s London session.
4, respectively, outperforming their former releases. Technical Analysis: Pound Sterling slips below 1.2900 The Pound Sterling skids below the crucial support of 1.2900 against the US Dollar. The GBP/USD pair trades in a Rising Channel formation on a daily timeframe, in which each pullback move is considereda buying opportunity by market participants. The Cable holds the key 20-day Exponential Moving Average , which trades around 1.2866. The 14-day Relative Strength Index returns within the 40.
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