Pound Sterling could face strong resistance at 1.2560

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling could face strong resistance at 1.2560

GBP/USD closed the third consecutive day in positive territory on Thursday and climbed to its highest level in two weeks at 1.2540 early Friday. The pair retreated toward 1.2500 in the European session but the technical outlook suggests that the bullish bias remains intact.

The US Dollar (USD) weakened against its rivals after disappointing US data on Thursday. The US' Gross Domestic Product (GDP) expanded at an annual rate of 1.6% in the first quarter. This reading followed the 3.4% growth recorded in the last quarter of 2023 and came in below the market expectation for an expansion of 2.5%. Read more...

Pound Sterling exhibits strength ahead of US core PCE inflation

The Pound Sterling (GBP) clings to gains near 1.2500 against US Dollar (USD) in Friday’s early American session. The GBP/USD pair holds gains as recent survey data has shown an improved economic outlook for the United Kingdom even though the Bank of England (BoE) is maintaining interest rates higher.

The preliminary PMI report from S&P Global/CIPS for April released on Tuesday showed that activity in the services sector remains robust, pushing overall activity higher despite a lagging Manufacturing PMI. The data also showed that new business inflows in the service sector remain strong. Read more...

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD stays defensive near 1.3450 amid Mideast uncertainty

GBP/USD drifts lower to near 1.3460 in European trading on Thursday. Conflicting rhetoric from US and Iranian officials about a potential deal fuels market concerns, allowing the US Dollar to attract some haven demand. Next of note for the major is the US Initial Jobless Claims report, while Mideast headlines will remain in play.

EUR/USD turns lower toward 1.1500 as USD finds demand

EUR/USD is turning south toward 1.1500 in the European session on Thursday, pressured by a modest US Dollar rebound. Markets stay wary about the prospects of a US-Iran peace deal and the reopening of the Strait of Hormuz, keeping the safe-haven USD underpinned. The focus is now on the US Jobless Claims data, following weak Eurozone Retail Sales report.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

Top Altcoins: Ripple, Cardano, and Solana vulnerable to deeper losses

Ripple, Cardano, and Solana are trading in the red on Thursday, facing downside pressure. The technical outlook for altcoins is bearish, as XRP risks falling below $1.00, ADA is eyeing the 50-day Exponential Moving Average at $0.1766, and SOL remains capped below a cluster of resistance levels.

AI defies the disinflationary playbook: Why lower oil prices might not be enough to cool core inflation

The global economic landscape has been fixated on the Middle East since the US-Iran war started in late February, reacting to significant changes in crude Oil prices and assessing how they could influence inflation dynamics and growth outlook.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.