The GBP/USD caught a much-needed boost on Monday as market sentiment recovers. The Pound Sterling remains firmly off last week's highs after markets saw a fresh round of risk flows into the US Dollar. Tuesday sees UK wagesand US Retail Sales. UK Average Earnings Excluding Bonuses is expected to hold steady at 7.8% on Tuesday, while the figure with bonuses added in is seen declining from 8.5% to 8.3%. US Retail Sales due later on Tuesday is forecast to decline from 0.6% to 0.
GBP/USD Technical Outlook The Pound Sterling remains firmly bearish despite Monday's rebound, down from last week's swing low into 1.2337 and with price action firmly constrained on the low side of the 200-day Simple Moving Average currently parked near 1.2444. The GBP/USDis up from the last swing low into 1.2037, a seven-month low for the pair, and the pair is down over 7% from 2023's peaks near 1.3144.
Source: News Formal (newsformal.com)
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