TRENDING:

GBP edges off earlier high – Scotiabank

Stronger industrial sector activity reflected in UK data earlier this week helped lift the Pound Sterling (GBP) after spot found firm support in the mid-1.32 area, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report.

Markets note BoE caution on rate outlook

"BoE MPC member Mann remarked yesterday that inflation 'persistence' was the main policy challenge for the central bank and that she would support a “more restrictive for longer” policy stance. BoE Economist Pill echoed that sentiment in remarks earlier today."

"Better UK data plus the likelihood of BoE remaining on hold through early 2026 at least should help underpin the pound. The intraday chart for GBP/USD also suggests the risk of some short-term softness, with the 6-hour chart indicating a minor top may be in place (via a bearish outside range signal that formed over the European morning session). "

"But Cable’s gains over the week are also delivering some positive signals on the weekly candle chart via a bullish 'engulfing' pattern. Shortterm losses towards the 1.34 or just below should remain supported. Resistance is 1.3470/75 ahead of a return to the mid-1.35s"

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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EUR/USD stays defensive below 1.1600, awaits Fed commentary

EUR/USD stays under modest bearish pressure and trades below 1.1600 in the second half of the day on Wednesday. Markets await the US House vote on the stopgap funding bill that will end the government shutdown. Meanwhile, investors will pay close attention to comments from Fed policymakers.

GBP/USD declines below 1.3100 as USD recovers ahead of House vote

GBP/USD extends its daily slide and drops below 1.3100 in the American session on Wednesday. The US Dollar stages a rebound in anticipation of the US government reopening and weighs on the pair, despite the risk-positive market atmosphere. Fedspeak and the US House vote on the funding bill are awaited.

Gold consolidates weekly gains, holds above $4,100

Gold enters a consolidation phase and fluctuates above $4,100 following the bullish action seen earlier in the week. The improving market mood makes it difficult for XAU/USD to push higher as market focus shifts to House vote on funding bill and Fed commentary.

Crypto Today: Bitcoin, Ethereum, XRP poised for recovery as BTC ETF inflows return

Bitcoin rises in tandem with other crypto majors and is trading above $104,000 at the time of writing on Wednesday. Altcoins, including Ethereum and Ripple, are also edging higher, hovering above $3,400 and $2.40, respectively.

US government hopes boost risk, as bond market may not prop up Starmer

As we move through the European trading session on Wednesday, there is residual optimism in the market that continues to boost risk sentiment. European indices are having another strong day, although the FTSE 100 is bucking this trend and is posting a small loss.

Chainlink Price Forecast: LINK outlook improves as staking rewards and whale activity strengthen network demand

Chainlink (LINK) price steadies around $15.35 on Wednesday after finding strong support near the lower trendline last week, signaling renewed buying interest. The launch of Chainlink Rewards Season 1 could boost network engagement and token participation.