Pound Sterling Price News and Forecast: GBP/USD attracts buyers for three days straight amid weaker US Dollar

FXStreet Team FXStreet

GBP/USD Price Forecast: Stands firm near mid-1.3400s, seems poised to climb further

The GBP/USD pair gains positive traction for the third consecutive day on Friday and moves further away from its lowest level since early August, around the 1.3250-1.3245 region touched earlier this week. Spot prices currently trade around mid-1.3400s, or a one-and-a-half-week high touched on Thursday amid a broadly weaker US Dollar (USD), though the intraday uptick lacks bullish conviction.

Tuesday's disappointing UK employment data fueled speculations that the Bank of England (BoE) could continue cutting rates gradually. This, along with concerns over the UK’s fiscal outlook ahead of the crucial Autumn budget in November, is holding back traders from placing aggressive bullish bets around the British Pound (GBP) and turning out to be a key factor acting as a headwind for the GBP/USD pair. Read more...

GBP/USD extends bullish rebound, continuation faces fresh technical challenge

GBP/USD stepped into a second straight winning session on Thursday, around three-tenths of one percent and bringing Cable’s two-day recovery to a little over one percent, bottom-to-top. UK data came in more or less above expectations, bolstering the Pound Sterling (GBP) as it extends a technical rebound from the 200-day Exponential Moving Average (EMA) near 1.3270.

Cable is now facing a fresh technical ceiling near the 50-day EMA at 1.3450, but momentum remains in favor of GBP bulls as US data remains a limited affair. There is little of note on both sides of Friday’s data docket, with the UK data pool now empty and the US side dark amid the ongoing government shutdown, which has caused the release of official datapoints to dwindle down to functionally nothing. Read more...

GBP/USD extends recovery amid US Dollar softness and modest UK GDP growth

The British Pound (GBP) strengthens against the US Dollar (USD) on Thursday, extending gains for the second day in a row. At the time of writing, GBP/USD is trading around 1.3431, rebounding after briefly falling to a two-and-a-half-month low on Tuesday.

The recovery in Sterling comes as the Greenback softens amid escalating US-China trade tensions and prolonged uncertainty surrounding the United States (US) government shutdown, now in its third week. Traders are also fully pricing in back-to-back 25-basis-point interest rate cuts by the Federal Reserve (Fed) at the upcoming October and December meetings. Read more...

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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 hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold picks up pace, approaches $4,400

Gold rebounds toward the $4,400 mark per troy ounce on Friday, reversing the previous day’s pullback. The precious metal’s recovery comes as fresh and intense weakness keep weighing on the US Dollar, while traders keep assessing easing expectations of an imminent Fed interest rate hike and the situation from the Middle East.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

Actual inflation data for July came out as expected with a 0.1% m/m increase in headline CPI and 0.2% excluding food and energy. Annual headline inflation remains too high at 3.4% and means that wage earners are experiencing stagnating spending power at best, and core inflation is a bit higher than the inflation target of two percent would suggest.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.