GBP/USD Forecast: Pound Sterling eyes additional gains above1.2450
GBP/USD has lost its traction and retreated toward 1.2400 after having closed the first three trading days of the week in positive territory. 1.2440/50 area aligns as key resistance and buyers could take action once that level is confirmed as support.
GBP/USD stayed under bearish pressure and dropped to the 1.2350 area in the first half of the day on Wednesday with safe-haven flows providing a boost to the US Dollar (USD). In the late American session, however, the USD lost its strength on improving risk mood after the US House of Representatives passed a bill to suspend the debt-ceiling through January 1, 2025. Moreover, dovish comments from Federal Reserve (Fed) officials put additional weight on the USD's shoulders. Read more ...
British Pound: A silent power among the majors
Despite coming under some pressure against its US counterpart lately, the British pound remains the best performing currency year-to-date. Will it continue performing well henceforth? With underlying inflation creeping up again in April, investors are hoping that the Bank of England will intensify its efforts to bring it to heel. But will policymakers rise to the occasion?
With the BoE abandoning its recession call and signaling that they will not hesitate to raise rates further should inflation pressures persist, market participants remained convinced that officials could deliver two more quarter-point increases by the end of the year. Read more ...
GBP/USD retreats from over one-week high, slides back closer to 1.2400 amid stronger USD
The GBP/USD pair continues with its struggle to move back above the 50-day Simple Moving Average (SMA) and attracts some sellers near the 1.2450 area, or over a one-week high touched earlier this Thursday. The pair drops to a fresh daily low, around the 1.2415-1.2410 region during the early part of the European session and for now, seems to have snapped a four-day winning streak.
Following the overnight modest pullback from its highest level since mid-March, the US Dollar (USD) regains positive traction amid a goodish pickup in the US Treasury bond yields. This, in turn, is seen as a key factor exerting some downward pressure on the GBP/USD pair. That said, a combination of factors might hold back the USD bulls from placing aggressive bets, warranting caution before confirming that the pair's recent bounce from the 1.2300 neighbourhood, or its lowest level since early April, has run out of steam. Read more ...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds steady below 1.0600 ahead of PMIs, Powell
EUR/USD is consolidating in a narrow range below 1.0600 in early Europe on Monday. The pair keeps its calm amid a steady US Dollar, higher US Treasury bond yields and a cautious mood. US ISM PMI and Powell's speech in focus.
GBP/USD struggles to gain any meaningful traction, remains confined in a narrow band
GBP/USD struggles to gain any meaningful traction and oscillates in a narrow trading range. The risk-on impulse is seen undermining the safe-haven USD and lending support to the major. The divergent Fed-BoE policy outlook should keep a lid on any meaningful upside for the pair.
Gold: Will Fed Chair Jerome Powell rescue XAU/USD buyers?
Gold price is trading below $1,840, at its lowest level since March 10, setting off the final quarter of this year on a negative note. The USD is consolidating the previous rebound above the 106.00 level against its major peers, underpinned by a fresh upswing in the US Dollar.
Floki Inu Price Forecast: FLOKI sets stage for 30% rally
Floki Inu (FLOKI) price has triggered a quick but explosive uptrend in the last 24 hours. The uptrend has pushed the meme coin above a key hurdle and could assist FLOKI bulls in reversing the downtrend.
The week ahead - US Nonfarm Payrolls, Tesco and Wetherspoon results
We’ll get the latest US payrolls report for August this week. Having seen the Federal Reserve leave rates unchanged as expected at their recent September meeting the jury remains out as to whether we will see another rate hike at the next meeting in November.