Pound Sterling flattens against USD ahead of US core PCE inflation
The Pound Sterling (GBP) trades in a tight range slightly above the key support of 1.2400 against the US Dollar (USD) in Friday’s European session. The GBP/USD pair steadies despite an increase in the US Dollar’s safe-haven demand on Thursday after United States (US) President Donald Trump reiterated his intentions to impose 25% tariffs on Canada and Mexico from Saturday and 100% on BRICS if they try to replace the US Dollar with a new currency in international trade.
The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades close to its weekly high of 108.20. On his social media platform, TruthSocial, Trump said, “We are going to require a commitment from these seemingly hostile countries that they will neither create a new BRICS currency nor back any other currency to replace the mighty US Dollar, or they will face 100% tariffs.” Read more…
GBP/USD Forecast: Pound Sterling drops below key technical level
GBP/USD struggles to hold its ground and retreats toward 1.2400 after closing in negative territory on Thursday. The pair’s technical outlook suggests that sellers could look to retain control in the near term.
The US Dollar (USD) struggled to gather following mixed macroeconomic data releases on Thursday. Later in the American session, however, the cautious market stance didn’t allow GBP/USD to edge higher. Read more…
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