GBP advances on improved market mood
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<h2>GBP/USD Forecast: Pound Sterling holds above key support levels, encouraging buyers</h2>
<p>Despite the risk-averse market environment and the persistent US Dollar (USD) strength, GBP/USD registered modest gains on Wednesday. Early Thursday, the pair continues to edge higher toward 1.2700.</p>
<p>The hawkish tone seen in the minutes of the Federal Reserve’s (Fed) December policy meeting, combined with a sharp decline in Wall Street’s main indexes, helped the USD gather strength mid-week. GBP/USD, however, held its ground throughout the day. The sharp decline seen in EUR/GBP on Wednesday suggested that Pound <a href="https://www.fxstreet.com/currencies/gbpusd">Sterling</a> captured capital outflows out of the Euro to stay resilient against its rivals. <a href="https://www.fxstreet.com/analysis/gbp-usd-forecast-pound-sterling-holds-above-key-support-levels-encouraging-buyers-202401040748" target="_blank" rel="noopener">Read more…</a></p>
<p><a href="https://editorial.fxstreet.com/miscelaneous/gbpusd-638399678192094014.png" target="_blank" rel="noopener"><img decoding="async" alt="GBPUSD" src="https://editorial.fxstreet.com/miscelaneous/gbpusd-638399678192094014.png" style="width: 1638px; height: 747px;" /></a></p>
<h2>Pound Sterling advances on improved market mood, outperformance in UK Services PMI</h2>
<p>The Pound Sterling (GBP) extends recovery on Thursday in the European session, as market sentiment improves after a subdued beginning of the year for risk assets. The GBP/USD pair recovers further as discussions about rate cuts from the Federal Reserve (Fed) look firm while the Bank of England (BoE) is still emphasizing the need to keep interest <a href="https://www.fxstreet.com/rates-charts/rates">rates</a> higher for a longer period. </p>
<p>Meanwhile, upbeat S&P Global UK Composite and Services PMI have added strength to the Pound Sterling’s recovery. The Composite and Services PMI at 52.1 and 53.4 outperformed expectations of 51.7 and 52.7 respectively. <a href="https://www.fxstreet.com/news/pound-sterling-capitalizes-on-improved-market-mood-uk-services-pmi-in-focus-202401040807" target="_blank" rel="noopener">Read more…</a></p>
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<br /><a href="https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-advances-on-improved-market-mood-202401041227">Source link </a></p><p>The post <a href="https://forextraderhub.com/gbp-advances-on-improved-market-mood.html">GBP advances on improved market mood</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>
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