GBP/USD still bearish, a test of 1.2900 appears unlikely – UOB

Pablo Piovano FXStreet

Cable’s stance remains bearish in the near term, although a visit to the 1.2900 handle seems to have lost some momentum for the time being, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “GBP registered an ‘inside day’ yesterday, trading within a relatively tight 1.2970/1.3030 range before ending the day largely unchanged. Indicators are mostly ‘neutral’ which suggest further consolidation from here”.

Next 1-3 weeks: “We turned bearish GBP on Monday (07 Aug, spot at 1.3045) and were of the view that despite the over-extended decline, there is room for further extension to 1.2955. The target was slightly exceeded when GBP hit a low of 1.2953 on Tuesday. While the outlook is still deemed as bearish, the strong bounce off the low has dented the downward momentum and the odds for extension towards the next target at 1.2900 are not high. On the upside, only a move back 1.3100 (stop-loss adjusted lower from 1.3165) would indicate that the current bearish phase has ended. Positioning wise, the entry level suggested at 1.3090 is not met”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Breaking: US and Israel attack Iran, risk aversion to sweep global markets

Early Saturday, United States (US) President Donald Trump announced that the US had begun “major combat operations” in Iran, following Israel’s pre-emptive missile attacks against Tehran.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.