Pound Sterling Price News and Forecast: GBP/USD upthrust spurred by UK’s wage growth

GBP/USD rises following Monday’s session, which portrayed a ‘hammer’ formation, suggesting that further upside is expected. Jobs data in the UK overshadowed upbeat economic data from the United States (US), as wages grew above estimates, adding to the Bank of England’s (BoE) inflation pressures. Hence, the GBP/USD trades at 1.2705, above its opening price by 0.21%. Read More…

The Pound Sterling (GBP) delivered a consolidation breakout after the United Kingdom’s Office for National Statistics reported a significant growth in jobless benefits and healthy lay-offs in the labor market. The GBP/USD pair extends its upside as a considerable jump in the labor cost index ensures more interest rate hikes from the Bank of England (BoE) cannot be ruled out. The Unemployment Rate rose to a fresh nine-month high at 4.2%. Read More…