The Pound Sterling (GBP) returned to red against the US Dollar (USD), reversing the previous week’s rebound.
Pound Sterling turned south after facing rejection at 1.2700 against the US Dollar. US Nonfarm Payrolls and Powell’s testimony to hog the limelight in the week ahead. Looking ahead, GBP/USD buyers stay hopeful whilst above the 200-day SMA at 1.2576. The Pound Sterling returned to red against the US Dollar , reversing the previous week’s rebound. GBP/USD ran into offers once again near 1.2700, as the US Dollar paused its corrective downside.
The data from the US showed on Friday that the ISM Manufacturing PMI declined to 47.8 in February from 49.1 in January. This reading missed the market expectation of 49.5 and made it difficult for the USD to gather strength ahead of the weekend, allowing GBP/USD to stabilize above 1.2600.
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