Pound Sterling Price News and Forecast: GBP/USD ticks lower as the US Dollar regains ground

British Pound ticks down against US Dollar ahead of key US economic releases

The British Pound (GBP) edges down to near 1.3312 against the US Dollar (USD) during the European trading session on Thursday. The GBP/USD pair ticks lower as the US Dollar (USD) regains ground, with financial markets remaining confident of Federal Reserve’s (Fed) interest rate hike in December after leaving them steady in the policy meeting on Wednesday.

As of writing, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades slightly higher to near 102.20. The USD Index corrected on Wednesday after a three-day winning streak. Read more...

GBP/USD Price Forecast: Weakens below 1.3350, maintains downside bias below 100-day SMA

The GBP/USD pair trades in negative territory around 1.3320 during the early European trading hours on Thursday. The British Pound (GBP) weakens against the US Dollar (USD) following the UK Budget. The US September Personal Consumption Expenditures (PCE) inflation report will be the highlight later on Thursday.

The United Kingdom (UK) set out a target date for defense spending to rise to 3% of Gross Domestic Product (GDP), as the Finance Minister John Healey announced billions in aid for Ukraine in a “clear message to Moscow.” Healey on Wednesday set a target date of 2030 for the 3% figure while reaffirming its NATO commitment to reach 3.5% by 2035. Read more...