Pound Sterling Price News and Forecast: GBP/USD recovers above key technical level [Video]

After ending the previous week on a bearish note, GBP/USD gains traction and rises to the 1.2650 area in the European morning on Monday. Preliminary December Manufacturing and Services PMI data from the UK and the US will be watched closely by market participants.

The disappointing monthly Gross Domestic Product (GDP), Industrial and Manufacturing Production data from the UK caused Pound Sterling to come under renewed selling pressure on Friday. Early Monday, the improving risk sentiment helps GBP/USD edge higher. Read more…

The GBPUSD daily chart indicates a dominant bearish trend based on Elliott Wave analysis. The wave mode is impulsive, reflecting strong downward momentum in the market. The ongoing wave structure is Orange Wave 3, currently unfolding within Navy Blue Wave 3. This scenario supports a continued bearish outlook, with expectations of further price declines. Read more…

It was a mixed week for GBP/USD traders. In the early part of the week, the Pound Sterling defended the …