Pound Sterling Price News and Forecast: GBP/USD attracts some buyers on Wednesday amid a modest USD decline

FXStreet Team FXStreet

GBP/USD climbs back closer to 1.3100, upside seems limited ahead of UK data/US CPI

The GBP/USD pair regains positive traction during the Asian session on Wednesday and climbs to a fresh daily peak, closer to the 1.3100 round-figure mark in the last hour. Spot prices, however, remain below the overnight swing high, warranting some caution before positioning for any meaningful recovery from a three-week low, around the 1.3050-1.3045 region touched the previous day.

The US Dollar (USD) stalls its positive trend witnessed over the past three days and retreats from the vicinity of the monthly top amid the prospects for an imminent start of the Federal Reserve's (Fed) policy-easing cycle in September. This, in turn, is seen as a key factor lending some support to the GBP/USD pair. That said, a generally weaker tone around the equity markets could help limit losses for the Greenback and cap the currency pair amid bets that the Bank of England (BoE) will announce more interest rate cuts this year. Read more...

GBP/USD flat after UK labor market data, eyes on US CPI

The GBP/USD pair remains on the defensive, slipping toward 1.3050 during the American session. Despite a temporary boost from positive UK employment data earlier in the day, the pair struggles to hold its ground amid a cautious market atmosphere.

On Tuesday, the UK's Office for National Statistics (ONS) revealed that the ILO Unemployment Rate slightly decreased to 4.1% for the three months ending in July, down from 4.2%, aligning with market expectations. Employment figures showed significant improvement, with an increase of 265,000 jobs during the same period, compared to the previous rise of 97,000. Meanwhile, annual wage growth, as indicated by the Average Earnings Excluding Bonus, slowed to 5.1% from 5.4%. 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.