Pound Sterling Price News and Forecast: GBP/USD suffers seven-day slide amid weak UK PMIs

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GBP/USD extends its downtrend to seven consecutive days amidst mixed economic data from the United States (US), while further deterioration in the United Kingdom (UK) economy paints a gloomy scenario as the Bank of England (BoE) struggles to curb high inflation. At the time of writing, the GBP/USD is trading at 1.2831 after reaching a high of 1.2883, down 0.16%. Read More…
GBP/USD Daily chart
The Pound Sterling (GBP) surrenders its entire gains posted on Friday as the United Kingdom’s preliminary S&P Global PMI data for July came in below expectations. The GBP/USD pair drops as contracting factory activity and a bleak service sector builds pressure on the Pound Sterling. Britain’s economic prospects are facing the wrath of elevated inflation and higher interest rates by the Bank of England (BoE). Read More…
Further losses appear in store for GBP/USD in the short-term horizon, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group. Read More…

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