Pound Sterling Price News and Forecast: GBP holds losses below 1.3400

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British Pound holds losses below 1.3400 as PM Burnam stokes fiscal worries

The British Pound (GBP) consolidates losses below 1.3400 against the US Dollar (USD) on Thursday, on track for a 0.6% weekly decline, following a reversal from 1.3558 highs last week. The soft inflation figures released on Wednesday, coupled with growing concerns about Prime Minister Andrew Burnham’s spending plans, have sent the Pound lower across the board this week.

Data released on Tuesday revealed that UK consumer inflation eased to a 2.6% year-on-year pace, its lowest growth pace since March last year, with producer prices slowing down well beyond expectations in June. These figures provide the Bank of England (BoE) with more time to assess the impact of the volatile energy prices on the UK economy and push back hopes of any rate hikes. Read more...

GBP/USD Price Forecast: Struggles to return above 20-day EMA

The British Pound (GBP) trades marginally higher to near 1.3387 against the US Dollar (USD) during the European trading session on Thursday. The GBP/USD pair edges higher as the US Dollar drops despite surging oil prices in the wake of escalating Middle East energy supply risks.

At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.15% lower to near 101.00. On the domestic front, investors await the Federal Reserve’s (Fed) monetary policy announcement next week, in which it is expected to leave interest rates unchanged. Read more...

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GBP/USD dips below 1.3350 as USD demand surges

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