GBP/USD Price Outlook: Cable on Track for Sixth Daily Gain Ahead of UK GDP

Cable’s pullback extends as the US dollar remains vulnerable. A more dovish tilt from the Fed has let a lot of steam out of the hot greenback

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.Wall Street IG Client Sentiment: Our data shows traders are now net-short Wall Street for the first time since Sep 21, 2023 when Wall Street traded near 34,068.90.US Official: US does not have any information that Iran directed or orchestrated the Hamas attack but Tehran likely knew Hamas was...

UK GDP is expected to reveal an increase of 0.3% on average over the last 3 months and a 0.5% year-on-year. The economic outlook for the UK is rather pessimistic, something backed up by the IMF’s Global Economic Outlook which saw the forecast for UK GDP drop 0.6% from the prior July estimate.broke above 1.2200 with relative ease on the way to the imminent resistance 1.2345 – a level that halted prior declines in April and June this year.

Apart from the FOMC minutes later this evening there are a number of Fed speakers scheduled to have their say but Thursday is where things really pick up with UK GDP data and US CPI. US inflation data was scheduled to be the main event before the conflict began in the Middle East.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.

We recommend that you seek independent advice and ensure you fully understand the risks involved before trading.a registered Introducing Broker with the Commodity Futures Trading Commission and is no longer a Member of the National Futures Association in the U.S. Any and all information provided by FXP is not intended for use by U.S. residents or individuals domiciled in the U.S.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

DailyFX /  🏆 305. in US

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pound Sterling Price News and Forecast: GBP/USD ticks higher, albeit lacks follow-throughThe GBP/USD pair builds on the previous day's goodish rebound of over 80 pips from the 1.2165-1.2160 area and extends its steady ascent through the As
Read more »

Pound Sterling Price News and Forecast: GBP/USD could test 1.2300 next [Video]GBPUSD has been stagnant around the 1.2235 barrier for two days, hindered by the 20-day simple moving average (SMA) and the resistance line from July.
Read more »

British Pound Ahead of US CPI: GBP/USD, EUR/GBP, GBP/AUD Price SetupsAfter weeks of losses, GBP is attempting to rebound as Fed rate hike expectations scale back ahead of the key US inflation and UK GDP data. What is the trend in GBP/USD, EUR/GBP and GBP/AUD?
Read more »

Pound Sterling Price News and Forecast: GBP/USD needs to clear 1.2300 to keep buyers interestedThe GBP/USD pair gains some positive traction for the sixth successive day on Wednesday and climbs to a near three-week high during the Asian session.
Read more »

GBP/USD advances to multi-week high, focus remains on US PPI and FOMC minutesThe GBP/USD pair gains some positive traction for the sixth successive day on Wednesday and climbs to a near three-week high during the Asian session.
Read more »

GBP/USD springs higher, looking for 1.23The GBP/USD is trading higher on Tuesday as market sentiment cautiously recovers following the weekend's Israel-Hamas conflict escalation, and the Pou
Read more »