Pound Sterling Price News and Forecast: GBP/USD 1.2980 aligns as key support

FXStreet Team FXStreet

GBP/USD Forecast: 1.2980 aligns as key support for Pound Sterling

GBP/USD preserved its bullish momentum and advanced to its highest level since July 2023 at 1.3052 on Tuesday. The pair edges slightly lower in the European session on Wednesday but stays afloat above 1.3000.

The persistent selling pressure surrounding the US Dollar (USD) fuelled another leg higher in GBP/USD on Tuesday. Although Wall Street's main indexes trades mixed after the opening bell, falling US Treasury bond yields forced the USD to stay on the back foot. Read more...

GBP/USD awaits strong resistance near one-year high

GBP/USD continues last week's rebound off the 200-day SMA and the 50.0% Fibonacci retracement level of the up leg from 1.2300 to 1.3045 at 1.2670, but with some weakness today. The intraday bias looks neutral to negative, as the stochastic is still standing above the 80 level but is losing some steam, while the RSI, although above 50, seems to be making its way down.

If the pair manages to head higher, the one-year high of 1.3045 could serve as a trigger point for steeper bullish action. Further north, cable could run toward the 1.3140 level, a strong barrier from last year. Read more...

GBP/USD outlook: Cable rises above 1.3000 for the first time since mid-July

Cable broke above psychological 1.30 level on Tuesday (last probe above this barrier was on July 17/18). Rally from 1.2664 (Aug 8 low, where rising daily cloud contained previous downtrend and reversed direction) is steep and uninterrupted, holding for the second week.

Daily studies hold strong positive momentum and MA’s in bullish setup, suggesting that bulls hold grip for more gains. July peak at 1.3044 is under pressure, with firm break here to open way towards 2023 high at 1.3141. 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 holds above 1.3350 with the 200-day SMA capping gains

The British Pound appreciates against the US Dollar on Tuesday to trim previous losses and return to the 1.3375 area, aiming to retest resistance at the key 200-day Simple Moving Average. This is a popular indicator, which lies a few pips below 1.3400 and has been capping Pound’s recovery over the last two weeks.

EUR/USD holds gains near 1.1400 ahead of US CPI

EUR/USD extends gains and retakes 1.1400 in the European session on Tuesday. The US Dollar sees a profit-taking pullback, supporting the pair's rebound. However, the potential upside for the pair might be limited amid renewed US military strikes against Iran and ahead of the US CPI data and Fed Chair Warsh's testimony.

Gold sticks to gains above $4,000 ahead of US CPI, Fed's Warsh

Gold trims a part of its modest intraday recovery gains and remains within striking distance of a nearly two-week low touched earlier this Tuesday. The commodity, however, sticks to a positive bias above the $4,000 psychological mark through the first half of the European session amid mixed cues.

Major Altcoins: XRP, ADA and SOL remain vulnerable as bearish grip tightens

Major altcoins in the crypto market, such as Ripple, Cardano, and Solana, are trading in the red on Tuesday, extending their 2% to 3% decline from the previous day. The technical outlook for XRP, ADA, and SOL shows a near-term bearish bias, with prices trending below their respective 50-day EMAs.

US CPI data set to show inflation cooled in June due to tumbling fuel prices

The US Bureau of Labor Statistics will publish the June Consumer Price Index data on Tuesday. The report is expected to show a decline in consumer inflation, driven by the easing of crude Oil prices following the ceasefire announcement between the United States and Iran.

Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.