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GBP/USD Price Analysis: Erases gains as bears move in post-weak US data

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GBPUSD News

Majors,Technical Analysis

The Pound Sterling erased earlier gains during Monday’s session against the Greenback, even though US economic data showed the economy is slowing down.

GBP/USD falls as concerns of potential US recession weigh on markets. Technicals suggest neutral to downward bias, marked by lower highs and lows. Support levels: 1.2600 , 1.2560 , 1.2500, 1.2445 , 1.2299 . Resistance points: 1.2700, 1.2750, 1.2800, 1.2868 . Per the market’s reaction to the data, it could be seen that worries about a recession in the US loom as US equities tumbled, along with the US Dollar, as market participants await US jobs data on Friday. The GBP/USD trades at 1.

How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates.

 

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