British Pound ($GBP/USD) Forex Forecast: Up 0.2% Today

What is British Pound?

GBP/USD is a currency pair that represents the exchange rate between the British pound sterling and the US dollar. Today, it experienced a strong bullish movement in the market.

Why is British Pound going up?

GBP/USD forex is up 0.2% on Aug 2, 2024 13:20

• The GBP/USD pair saw a bullish movement despite the pressure from the USD rate and anticipation surrounding the Bank of England rate decision.
• Banks are showing optimism towards the British pound, even with the possibility of a rate cut by the Bank of England.
• Speculative net long positions in Pound futures are at a decade-high, indicating a strong bullish sentiment towards the currency.
• The decline in Sterling Infrastructure (STRL) stock price may not have directly impacted the GBP/USD pair's bullish movement, as it could be influenced by company-specific factors rather than broader market trends.

GBP/USD Price Chart

GBP/USD News

GBP/USD Under Pressure As Market Anticipates Bank Of England Rate Decision

The British pound sterling continues to decline steadily against the US dollar. The GBP/USD pair is trending towards 1.2848. On the one hand, the pressure from the USD rate is evident. On the other hand, investors are awaiting the outcome of today's Bank of England meeting and its decision on ...

https://www.benzinga.com/trading-ideas/24/08/40103191/gbpusd-under-pressure-as-market-anticipates-bank-of-england-rate-decision

Banks get bullish on the British pound despite the possibility of an imminent snapback

Sterling's recent runup comes despite traders pricing in the potential of a rate cut in August by the Bank of England.

https://www.cnbc.com/2024/07/31/currency-markets-banks-get-bullish-on-the-british-pound.html

Sterling Infrastructure ( STRL ) Stock Slides as Market Rises: Facts to Know Before You Trade

Sterling Infrastructure (STRL) closed the most recent trading day at $113.39, moving -1.64% from the previous trading session.

https://www.zacks.com/stock/news/2311355/sterling-infrastructure-strl-stock-slides-as-market-rises-facts-to-know-before-you-trade

Speculative net longs in Pound futures continue to hover at over 10 year high

Large currency speculators continued to increase net long position in the Pound futures to their highest level in more than 10 years, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of ...

https://www.business-standard.com/markets/capital-market-news/speculative-net-longs-in-pound-futures-continue-to-hover-at-over-10-year-high-124072900415_1.html

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British Pound Price History

13.01.2024 - GBP/USD Forex was down 0.3%

• Several factors could be attributed to the bearish movement in GBP/USD today:
• Investor concerns about the future financial stability of Sterling Infrastructure due to the planned retirement of its Chief Financial Officer (CFO), which could have impacted investor confidence in the British pound.
• The US dollar may have gained attractiveness to investors compared to the British pound due to the increase in Egypt's minimum wage.
• It is worth noting that the rise in Sterling Infrastructure's stock price may not be directly related to the bearish movement in GBP/USD, as it could be influenced by other factors such as company-specific news or overall market dynamics.
• In conclusion, the bearish movement in GBP/USD today may have been influenced by both company-specific developments and broader market factors.

12.05.2024 - GBP/USD Forex was up 0.8%

• The bullish movement in GBP/USD today could be attributed to the increase in speculative net long positions in the Pound futures, indicating growing confidence in the currency.
• Sterling Infrastructure (STRL) experienced a dip in its stock price amidst overall market gains, potentially reflecting profit-taking or market correction.
• The investigation into Sterling Check Corp (STER) for potential breaches of fiduciary duty may have caused some uncertainty in the market, leading investors to shift their focus towards more stable assets like the British Pound.

02.07.2024 - GBP/USD Forex was up 0.2%

• The GBP/USD pair saw a bullish movement despite the pressure from the USD rate and anticipation surrounding the Bank of England rate decision.
• Banks are showing optimism towards the British pound, even with the possibility of a rate cut by the Bank of England.
• Speculative net long positions in Pound futures are at a decade-high, indicating a strong bullish sentiment towards the currency.
• The decline in Sterling Infrastructure (STRL) stock price may not have directly impacted the GBP/USD pair's bullish movement, as it could be influenced by company-specific factors rather than broader market trends.