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    British Pound (GBP) Price Outlook: GBP/USD Still Edging Lower as USD Climbs

    Abstract:GBP PRICE, NEWS AND ANALYSIS:
    •   GBP/USD continues to weaken modestly as US President Joe Bidens fiscal stimulus plan works its way through Congress.

    •   Combined with ongoing speculation that the Federal Reserve will taper its monetary stimulus measures, that has strengthened the US Dollar and sent some US stock indexes to record highs.

    •   Near term, there are few signs yet that the trend lower in GBP/USD and some other USD pairs is about to reverse.

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    GBP/USD SLIDE LOWER MAY PERSIST

      GBP/USD and several other USD pairs will likely suffer further as the US Dollar continues to benefit from US President Joe Bidens fiscal stimulus plan, now working its way through Congress, and ongoing speculation that the Federal Reserve will begin to taper its monetary stimulus measures as the economy recovers.

      Optimism about the outlook for the US economy continues to drive several US stock indexes to record highs while US Treasury yields are also climbing and the advance in the US Dollar that began seven days ago has sent GBP/USD to its lowest level since July 27.

    GBP/USD PRICE CHART, HOURLY TIMEFRAME (JULY 29 – AUGUST 11, 2021)
    British

      In the UK, the next focus for traders will be the UK GDP data to be released tomorrow. The preliminary numbers are expected to show GDP expanded by a huge 22.1% year/year in the second quarter so there is plenty of room for disappointment.

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    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
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