Pound Sterling Price News and Forecast: GBP could face next resistance at 1.2750

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling could face next resistance at 1.2750

GBP/USD registered small gains for the second consecutive day on Wednesday and continued to edge higher early Thursday. The technical outlook suggests that the bullish bias remains intact in the near term.

Falling US Treasury bond yields and disappointing macroeconomic data releases from the US made it difficult for the US Dollar (USD) to stay resilient against its major rivals on Wednesday. The ISM Services PMI declined to 52.1 in November from 56 in October and missed the market expectation of 55.5. Additionally, the ADP Employment Change came in at 146,000 in November, compared to analysts' estimate of 150,000. Read more...

GBP/USD continues its rally: Third day of buying

The GBP/USD pair has risen to 1.2711, marking the third day of sustained buyer activity. This upward movement comes from comments from Bank of England Governor Andrew Bailey, who hinted at potential interest rate cuts in 2025 if the consumer price index (CPI) continues its downward trajectory.

In a recent interview, Governor Bailey discussed the possibility of a decisive easing in monetary policy, suggesting a total reduction of 100 basis points in 2025, which could bring the interest rate down to as low as 3.75% per annum. While this outlook is seen as positive, investors are currently more focused on the short term, with expectations set for the BoE's rate to remain unchanged in December 2024. Any substantial rate adjustments are anticipated to be implemented next year. Read more...

Author

FXStreet Team

FXStreet

EUR/USD flirts with yearly lows in the sub-1.1600 area

EUR/USD adds to Monday’s heavy losses and breaks below the key 1.1600 support on Tuesday, putting the YTD lows around 1.1570 to the test. The pair’s deep pullback comes as the US Dollar extend its strong bounce, always propped up by the intense flight-to-safety environment.

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold remains offered around $5,170

Gold comes under renewed and marked selling pressure on Tuesday, hovering around the $5,170 mark per troy ounce and reversing four consecutive daily advances. The yellow metal’s bearish tone comes on the back of the increasing demand for the Greenback at the time when investors continue to trim bets on further Fed rate cuts.

Crypto Today: Bitcoin, Ethereum, XRP pull back as sentiment remains in extreme market fear

The cryptocurrency market is broadly in the red on Tuesday as the Middle East grapples with an escalating war. Bitcoin (BTC) is in a pullback, trading below $67,000 at the time of writing, and most altcoins follow suit.

Middle East conflict ramps up a gear as energy price spike rips through markets

It’s another risk off day as geopolitical headwinds continue to batter financial markets. Although markets calmed during the US session and US stocks managed to post gains on Monday, this has not fed through to the European session, and stocks and bonds are sharply lower for a second day.

Hyperliquid Price Forecast: HYPE rises on commodities demand amid US-Iran war

Hyperliquid (HYPE) steadies above $33 at press time on Tuesday, marking its fourth consecutive day of recovery in a broadly volatile market due to the ongoing US-Israel strikes on Iran.