Pound Forecast

GBPCAD has been edging lower through the August-September period and is now at a key support zone where failure could confirm the 2023 uptrend has likely ended.

The Pound to Dollar exchange rate is said to be at risk of further losses in the short-term and even a positive UK labour market report on Tuesday would unlikely be enough to resist the broader Dollar trend.

GBPEUR risks slipping towards the bottom of its recent range over the coming days if UK wage data comes in below expectations and the European Central Bank (ECB) hits the right notes on Thursday.

The British Pound and Euro have reached the "end of the road" according to a new analysis from HSBC as analysts hail the return of the "king dollar".

Barclays says in a new forecast revision it turns "less hopeful" on the British Pound's prospects, particularly against the Euro, Dollar and Swiss Franc.

The Pound to New Zealand Dollar exchange rate remains in a broad multi-month uptrend but short-term is subject to a pullback.

GBPAUD extends recent pullback from highs as upside momentum wanes.

"The next area of possible support would be at around 1.242; if that doesn’t hold we could then see a reversion to the major low posted near the end of May, i.e. at 1.232 or so" - The Technical Trader.

GBPEUR) is forecast to remain supported above 1.16 over the coming days after a late-August pullback failed around 1.1620 and the subsequent rebound opens the door to another test of the 2023 highs.

Pound Sterling appears vulnerable to losses against the Dollar over the coming weeks of September according to a new analysis released at the start of the new month.

August has confirmed and bolstered the view that the Pound to Euro exchange rate has now entered a sideways pattern, but rising volumes and downside data surprises could break the range over the coming weeks.

An analyst we follow says he favours buying the Pound against the Euro at these levels on a tactical basis, but the Euro could benefit in the short term if inflation numbers beat expectations.

The U.S. Dollar can maintain its recent trend of appreciation helped by favourable seasonal trends and will be untroubled by a recent rating agency downgrade of U.S. debt, shows new research from JP Morgan.

Goldman Sachs foreign exchange strategists say they are still Pound Sterling bulls, but they have lowered their forecasts for the Pound to Euro exchange rate in the wake of the Bank of England's August decision.

GBPNZD remains in a strong uptrend, short- and medium-term favour gains, empty calendar leaves central bank divergence in focus.

GBPAUD remains in a clear uptrend that could ultimately allow for further advances to fresh highs over the coming weeks, although near-term weakness is possible over the coming days of August.

The British Pound's retreat from July highs against the Euro and Dollar could slow from here with one analyst saying the Bank of England's August policy decision and guidance had enough 'hawkish' elements to limit the prospect of further downside.

"August dull? Rangebound trading? Not a chance," says Kenneth Broux, a strategist at Société Générale, referencing the shakeup in U.S. bond markets that has in turn fed into a stronger dollar.

The broader backdrop is one that favours Pound sterling over euro, given the relatively elevated interest rate environment in the UK compared to the Eurozone.

GBPNZD starts the new week on the defensive but there is a high likelihood that losses will be recouped over the coming days.