Pound Sterling Price News and Forecast: GBP struggles to stabilize against US Dollar

FXStreet Team FXStreet

Pound Sterling struggles to stabilize against US Dollar despite dovish Fed remarks

The Pound Sterling (GBP) strives to gain ground against the US Dollar (USD) during Friday's European trading session after posting a fresh two-month low around 1.3280 earlier in the day. The outlook of the GBP/USD pair remains vulnerable as the US Dollar trades firmly, with an increase in its safe-haven demand following political developments in Japan and France.

At the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, clings to gains near a fresh two-month high of 99.56 posted on Thursday. Read more...

GBP/USD: Might continue to decline despite oversold conditions – UOB Group

Pound Sterling (GBP) could continue to decline despite oversold conditions, but it remains to be seen if it can reach 1.3245 today. In the longer run, the price action has resulted in a marked increase in downward momentum; the next technical target is at 1.3200, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

24-HOUR VIEW: "We did not expect GBP to plunge to a low of 1.3280 yesterday (as we were expecting range-trading). The sharp decline is oversold, but strong downward momentum could continue to outweigh the oversold conditions. In other words, GBP could continue to weaken today. Read more...

Author

FXStreet Team

FXStreet

EUR/USD weakens below 1.1700 as Middle East tensions drive US Dollar strength

The EUR/USD pair trades with mild losses around 1.1685, the lowest since late January, during the early Asian session on Tuesday. The US Dollar gathers strength against the Euro as escalating tensions in the Middle East boost safe-haven currencies. The preliminary reading of the Harmonized Index of Consumer Prices from the Eurozone will be published later on Tuesday.

GBP/USD hovers around 1.3400 with bearish pressure intact

GBP/USD edges higher after three days of losses, trading around 1.3400 during the Asian hours on Tuesday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold defends bids as US-Iran war continues to fuel safe-haven flows

Gold retains positive bias for the fifth consecutive day on Tuesday as rising geopolitical tensions in the Middle East continue to underpin safe-haven assets. However, a bullish US Dollar keeps the bullion below its highest level since late January, set on Monday, warranting caution before positioning for any further appreciation.