GBP/USD: Still trading in a range – UOB Group

FXStreet Insights Team FXStreet

Pound Sterling (GBP) is still trading in a range vs US Dollar (USD), expected to be between 1.2750 and 1.2870. In the longer run, GBP could decline further; it is unclear if it can reach the next major support at 1.2580, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

GBP can decline further

24-HOUR VIEW: "We expected GBP to 'trade in a range between 1.2740 and 1.2860' yesterday. Our view was not wrong, as GBP traded in a range of 1.2743/1.2860, closing at 1.2830 (+0.50%). The price action still appears to be part of a range-trading phase. Today, we expect GBP to trade between 1.2750 and 1.2870."

1-3 WEEKS VIEW: "In our most recent narrative from Tuesday (08 Apr, spot at 1.2760), we highlighted that GBP 'could decline further, but it is unclear if it can reach the next major support at 1.2580.' GBP traded mostly in a range over the past couple of days, and there is no change in our view. Overall, only a breach of 1.2925 (‘strong resistance’ level was at 1.2950 yesterday) would suggest that GBP is not declining further."

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.

EUR/USD holds steady above 1.1850 as markets eye Eurozone GDP, US CPI inflation releases

The EUR/USD pair trades on a flat note near 1.1870 during the early Asian session on Friday. The major pair steadies amid mixed signals from the latest release of US economic indicators. Traders await the preliminary reading of the Eurozone Gross Domestic Product for the fourth quarter and US inflation data, which are published later on Friday.

GBP/USD consolidates around 1.3600 vs. USD; looks to US CPI for fresh impetus

The GBP/USD pair remains on the defensive through the Asian session on Friday, though it lacks bearish conviction and holds above the 1.3600 mark as traders await the release of the US consumer inflation figures before placing directional bets.

Gold recovers toward $5,000 as focus shifts to US CPI

Gold price is recovering ground toward $5,000 in the Asian session on Friday. The yellow metal tumbled roughly 3.50% on Thursday, with algorithmic traders appearing to amplify the precious metal’s sudden drop. Traders will closely monitor the release of the US Consumer Price Index inflation report for January, which will be released later on Friday.

Ethereum investors face huge unrealized losses following price slump

US spot Ethereum exchange-traded funds flipped negative again on Wednesday after recording net outflows of $129.1 million, reversing mild inflows seen at the beginning of the week, per SoSoValue data. Fidelity's FETH was responsible for more than half of withdrawals, posting outflows of $67 million.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.