GBP/USD Latest News as of May 16, 2024:
Recent Developments:
- GBP/USD retraced from weekly highs: After hitting a one-month high of 1.2700, GBP/USD pulled back slightly, currently trading around 1.2650.
- Modest USD recovery: The US Dollar rebounded modestly following Wednesday’s sharp decline, creating some downward pressure on the GBP/USD pair.
- Bullish momentum remains: Despite the recent correction, the overall momentum for GBP/USD remains bullish, with potential for further gains.
- Support and Resistance levels: Key support levels to watch are 1.2634/31 and the 50-day Moving Average (DMA) at 1.2594. Resistance levels are 1.2803 and the year-to-date (YTD) high at 1.2893.
Key Drivers:
- US Inflation Data: The recent release of US inflation data, showing a smaller increase than expected, has weakened the US dollar and contributed to the initial rally in GBP/USD.
- UK Economic Data: Investors are also watching upcoming UK economic data, including the GDP report, for further clues on the strength of the UK economy and the Bank of England’s potential policy decisions.
- Global Market Sentiment: The overall risk sentiment in the global markets and developments surrounding central bank policies will also play a role in the GBP/USD’s future direction.
Where to Find More Information:
- FXStreet:
- GBP/USD Price Analysis: https://www.fxstreet.com/news/gbp-usd-price-analysis-cable-retreats-as-buyers-struggle-to-clear-12700-202405161441
- GBP/USD corrects lower toward 1.2650 on modest USD recovery: [invalid URL removed]
- Investing.com: https://in.investing.com/currencies/gbp-usd-news
- DailyFX: https://www.dailyfx.com/gbp-usd
I hope this information is helpful!
