Pound Sterling Price News and Forecast: GBP/USD there is room for cable to reverse its gains

GBP/USD sticks to modest intraday gains near 1.4175 area, upside remains capped

The GBP/USD pair maintained its bid tone through the mid-European session, albeit lacked any follow-through buying and was last seen trading around the 1.4170-75 region.

The pair built on the previous day’s late bound from the 1.4120 region and gained some traction on Wednesday, albeit struggled to capitalize on the move. The British pound got a minor lift after the Bank of England’s (BoE) Chief Economist, Andy Haldane said there were already some pretty punchy pressures on prices. Haldane also indicated that the central bank might need to turn off the tap of its huge monetary stimulus. Read more…

GBP/USD: There is room for cable to reverse its gains

GBP/USD has bounced after the BoE’s Haldane called on removing stimulus. Sell opportunity? Brexit and also reopening and inflation worries could push the pound back down, Yohay Elam, an Analyst at FXStreet, briefs.

“We could start tightening the tap on QE – Andy Haldane, Chief Economist at the Bank of England, has single-handedly knocked sterling from its sleep and has sent it higher. He has also said that the UK economy is going ‘gangbusters’ and that he is already seeing price pressures. Cutting down on bond-buying means printing fewer pounds and thus a boost for the currency. Read more…

GBP/USD: Sterling to stay firm on course to the 1.4377 April 2018 high – Mizuho

The pound strengthened in May. It moved firmly on the whole against the dollar. However, it only rose slightly against the euro. In the view of economists at Mizuho Bank, GBP will continue rising in June.

“The UK’s successful Covid-19 vaccine roll-out has probably contributed to sterling’s firmness these past few months. However, investors were unfazed by concerns about the spread of an Indian variant across northern England mid-May. This suggests the currency markets are not actually focused much on the emergence from the pandemic.” Read more…

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