Pound Sterling Price News and Forecast: GBP/USD bears move in for the kill, testing key support structure

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GBP/USD Price Analysis: Bears move in for the kill, testing key support structure

GBP/USD followed EUR/USD lower on strong US data and the European Central Babk's dovish 25bp hike. The pair dropped from 1.2995 to a low of 1.2781 while the markets reduce more hawkish Bank of England rate expectations for the August 3 interest rate meeting. This leaves the technical structure complicated and two-fold for Cable as the following illustrates. Read more...

Pound Sterling enters bearish passage as recession woes elevate

The Pound Sterling (GBP) turns weak amid deepening fears of a recession in the United Kingdom economy corner aggressive policy tightening by the Bank of England (BoE). Earlier, the GBP/USD pair faced pressure but overall sentiment for Pound Sterling is bullish as more interest-rate hikes from the UK central bank cannot be ruled out in order to bring inflation back to target. United Kingdom’s Treasury Advisers showed concerns about economic growth due to the aggressive policy tightening by the central bank, which has elevated the burden on firms. Moreover, the UK’s housing sector is facing the wrath of higher borrowing costs and demand for property from first-time home buyers has dropped sharply. Read more...

GBP/USD Forecast: Pound Sterling could extend uptrend on a weak US GDP reading

GBP/USD gathered bullish momentum and advanced to a weekly high near 1.3000 during the European trading hours on Thursday. The risk-positive market atmosphere provides an additional boost to the pair ahead of the Gross Domestic Product (GDP) data releases from the US.

The US Dollar (USD) stays under persistent selling pressure as markets see a strong chance that the Federal Reserve may have reached its terminal rate with a 25 basis points rate hike on Wednesday. FOMC Chairman Jerome Powell's hesitancy to confirm the need for additional rate increases and his acknowledgement of policy being restrictive in the post-meeting press conference triggered a USD selloff late Wednesday. In the European session, S&P 500 Futures and Nasdaq Futures are up 0.6% and 1.2%, respectively, highlighting the upbeat market mood. Read more...

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AUD/USD consolidates above 0.7000/two-month low; bearish potential intact

The AUD/USD pair oscillates in a narrow range during the Asian session, and moves little following the release of mixed inflation figures from China. Spot prices currently trade around the 0.7025 region, nearly unchanged for the day, and remain within striking distance of a nearly two-month low set on Tuesday. Renewed hostilities between the US and Iran temper hopes for a deal to end the over three-month-old war.

Japanese Yen languishes despite wholesale inflation accelerates in May

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$4,200: Gold retains bearish bias near March low ahead of US CPI

Gold recovers slightly after touching a fresh low since March 23, though it retains a bearish bias near the $4,200 mark through the early European session. Renewed hostilities between the US and Iran fuel inflationary concerns and bolster bets for more hawkish central banks, which is seen as a key factor driving flows away from the non-yielding yellow metal. Furthermore, the decline could be attributed to technical selling following the recent breakdown below the very important 200-day SMA.

Cardano's downtrend deepens despite on-chain bottoming signals

Cardano edges lower to $0.1600 signaling a potential extension of the 30% loss from last week. The altcoin remains under intense selling pressure, weighing on its retail support. Still, a spike in dormant supply re-entering circulation signals that the selling pressure has run its course, a pattern that often precedes a rebound.

US CPI data set to show inflation at three-year high in May, backing Fed hawkish tilt

The US Bureau of Labor Statistics will publish the May Consumer Price Index (CPI) data on Wednesday. The report is expected to show another step up in consumer inflation, driven by the persistently high Oil prices due to the ongoing crisis in the Middle East.

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.