Pound Sterling Price News and Forecast: GBP/USD bounces off weekly lows above 1.38 but not out of woods

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GBP/USD Price Analysis: Off weekly bottom above 1.3800 but not out of woods

The GBP/USD pair’s bounce off weekly bottom remains capped around 1.3835-40 during the early Asian session on Thursday. In doing so, the cable pair justifies its sustained trading below one-month-old resistance line and bearish Momentum, as well as downbeat RSI.

However, the bears have a tough nut to crack on hand as multiple levels marked since early March, around 1.3810–3800, challenge the further declines targeting the yearly low surrounding 1.3670.

Elliott Wave View: GBP/USD may see further pullback [Video]

Short term Elliott Wave View in GBPUSD suggest that the decline from June 1, 2021 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from June 1, wave (1) ended at 1.3784 and rally in wave (2) ended at 1.4. Wave (3) lower is currently in progress and unfolding in a 5 waves impulse in lesser degree. Down from wave (2), wave (i) ended at 1.3946 and bounce in wave (ii) ended at 1.3986. Pair resumes lower in wave (iii) towards 1.388, and bounce in wave (iv) ended at 1.3939. Final leg lower wave (v) ended at 1.3869 and this completed wave ((i)) in higher degree.

AUD/USD rises to 0.6950 as USD slips on Fed's Warsh

AUD/USD regains traction and extends the bounce toward 0.6950 in the Asian session on Friday. Fed Chair Warsh's comments reinforce the selling pressure on the US Dollar, allowing the pair to stretch higher. Warsh said that he remains committed to delivering price stability without giving away anything on future interest rate path.

USD/JPY falls in symc with USD, gives up 158.00 after Warsh's speech

USD/JPY has come under fresh selling pressure and gives up 158.00 in the Asian session on Friday amid the emergence of fresh US Dollar selling. Fed Chair Warsh's non-committal commentary on the future tightening path, weighs on the US Dollar and the pair.

Gold looks vacillating above $4,150

Gold alternates gains with losses below the key $4,200 mark per troy ounce on Friday. The yellow metal’s irresolute price action comes in response to a modest pullback in the US Dollar and a tepid recovery in US Treasury yields across the board.

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin (BTC) sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

The Fed just got a second hot inflation number. Here's what the diesel signal is really saying

The Federal Reserve (Fed) faces a renewed inflation challenge after two consecutive reports showed price pressure intensifying across the US economy. September's Consumer Price Index (CPI) confirmed accelerating consumer inflation, while the Producer Price Index (PPI) revealed an even sharper rise in business costs. Behind both reports lies a common factor: energy prices.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.