- GBP/USD falls 0.07% after reaching 1,3788; It stops just before the psychological level of 1,3800.
- The US Jolts employment offers reach a maximum of 7 months; The ISM manufacturing PMI improves slightly but continues in contraction.
- Bailey del Boe points out a cooling labor market; The United Kingdom’s manufacturing PM remains stable at 47.7.
The sterling pound (GBP) loses ground against the US dollar after reaching a new three years of 1,3788, just before the 1,3800 figure. The US economic data (USA), along with the dovish comments of the Governor of the Bank of England (BOE), Bailey, exerted downward pressure. The GBP/USD is quoted at 1,3721, with a minimum fall of 0.07%.
The pound retires to 1,3721 after reaching a peak of 1,3788, press
The mood on the market became slightly negative. The last Jolts report revealed that employment offers in May increased to its highest level since November, reaching 7,769 million, compared to 7,391 million, exceeding 7.3 million forecasts. At the same time, the Supply Management Institute (ISM) reported that business activity in June increased, although it contracted for the fourth consecutive month. The index rose to 49.0, from 48.5 in May, above the estimates of 48.8.
The president of the Federal Reserve, Jerome Powell, revealed that the policy is moderately restrictive and added that it cannot say if July is too early to cut rates, although it would not rule out anything.
Meanwhile, the US Senate is ready to approve a “great beautiful project” of 3.3 billion dollars, which President Donald Trump intends to sign before July 4.
On the other side of the Atlantic, Bailey del Boe said that the labor market is cooling, insinuating that the trajectory of interest rates is inclined down.
Previously, the United Kingdom’s economic data revealed that manufacturing conditions remain weak, according to S&P global, with the manufacturing PMI remaining unchanged in 47.7 compared to May, complying with estimates.
GBP/USD price forecast: technical perspective
The pair is forming an ‘inverted hammer’, showing that buyers are reluctant to push the GBP/USD exchange rate beyond 1,3800. The bullish impulse seems to be fading, as evidenced by the relative force index (RSI), which reaches its maximum point and is directed towards its neutral line of 50.
For a bearish continuation, the pair must exceed 1,3700. Once this is done, the following support would be the maximum of June 13, now converted into support, in 1,3631, followed by the 20 -day SMA in 1,3584. On the contrary, if the GBP/USD exceeds 1,3800, a 1.4000 test is expected.
LIBRA ESTERLINA PRICE TODAY
The lower table shows the percentage of pounding sterling (GBP) compared to the main currencies today. Libra sterling was the strongest currency against the Canadian dollar.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.11% | 0.12% | -0.37% | 0.36% | 0.13% | 0.08% | -0.06% | |
| EUR | -0.11% | 0.03% | -0.57% | 0.26% | 0.10% | -0.04% | -0.15% | |
| GBP | -0.12% | -0.03% | -0.49% | 0.25% | 0.08% | -0.06% | -0.18% | |
| JPY | 0.37% | 0.57% | 0.49% | 0.78% | 0.49% | 0.44% | 0.32% | |
| CAD | -0.36% | -0.26% | -0.25% | -0.78% | -0.25% | -0.31% | -0.43% | |
| Aud | -0.13% | -0.10% | -0.08% | -0.49% | 0.25% | -0.13% | -0.26% | |
| NZD | -0.08% | 0.04% | 0.06% | -0.44% | 0.31% | 0.13% | -0.12% | |
| CHF | 0.06% | 0.15% | 0.18% | -0.32% | 0.43% | 0.26% | 0.12% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the sterling pound from the left column and move along the horizontal line to the US dollar, the percentage change shown in the box will represent the GBP (base)/USD (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
