Pound Sterling Price News and Forecast: GBP gains further against US Dollar ahead of US NFP revision

FXStreet Team FXStreet

Pound Sterling gains further against US Dollar ahead of US NFP revision

The Pound Sterling (GBP) extends its winning streak for the third trading day against the US Dollar (USD) on Tuesday. The GBP/USD pair posts a fresh three-week high around 1.3580 during the European trading session as the US Dollar slumps ahead of the release of the United States (US) Nonfarm Payrolls (NFP) benchmark revision report, which will be published at 14:00 GMT.

During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, posts a fresh six-week low around 97.30. Read more...

GBP/USD Forecast: Bulls could ignore overbought conditions

GBP/USD gains traction in the European session on Tuesday and advances toward 1.3600 after posting modest gains on Monday. Although the technical picture starts showing overbought conditions for the pair, investors could refrain from positioning themselves for a correction unless there is a convincing recovery in the US Dollar (USD).

Last Friday's disappointing labor market data from the US, which showed an increase of only 22,000 in Nonfarm Payrolls (NFP) in August, caused the US Dollar to start the week under bearish pressure and allowed GBP/USD to push higher. 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 flirts with tops near 1.3470

GBP/USD manages to regain composure and challenge the area of daily highs around 1.3470 on Friday. Cable picks up pace despite marginal gains in the Greenback in a context of swelling geopolitical tensions and rising global oil prices.

EUR/USD trims losses, back above 1.1500

EUR/USD picks up some pace and bouces off earlier lows, reclaiming the 1.1500 threshold and beyond at the end of the week. The pair’s modest pullback follows a persistent risk-averse market mood and renewed buying interest for the US Dollar.

Gold: The $4,000 mark holds the downside for now

Gold faces renewed selling pressure, falling sharply toweard the $4,000 mark per troy ounce as the US Dollar regains momentum. Escalating US-Iran tensions are keeping inflation concerns and expectations of further Fed rate hikes alive, weighing further on the yellow metal.

Bitcoin eyes 50-day EMA breakout, Ethereum consolidates, XRP steadies

Bitcoin, Ethereum, and Ripple trade near key technical levels on Friday as the broader cryptocurrency market pauses following last week's recovery. BTC is approaching the 50-day Exponential Moving Average while ETH continues to consolidate between two major EMAs.

Warsh needs to restore his reputation

We were glad to see our deeply negative reaction to the Warsh press conference was not some personal peculiarity. Just about everybody in the financial press felt the same way. The consensus is building it’s not the Fed in the dog-house but only Warsh. Today the WSJ changed it tune and blasted Warsh—"the honeymoon is already over..”

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.