Pound Sterling Price News and Forecast: GBP/USD drifts lower for the third straight day

Pound Sterling hangs near weekly low vs. USD amid rising Middle East tensions

The GBP/USD pair attracts sellers for the third straight day and touches a fresh weekly low, around the 1.3370 region, during the Asian session on Thursday. Spot prices, however, recover a few pips in the last hour and currently trade around the 1.3400 mark, down less than 0.15% for the day.

Given that there are no significant signs of an end to ongoing hostilities in the Middle East, the US Dollar (USD) benefits from the global flight to safety and continues to exert pressure on the GBP/USD pair. In fact, Iran’s Islamic Revolutionary Guard Corps (IRGC) said that it launched a joint operation with Lebanon's Hezbollah against targets in Israel, Jordan, and Saudi Arabia. This follows the most intense US-Israeli bombardments on Iran on Tuesday and marks a further escalation of the military conflict between Israel-US forces and Iran. Read more...

GBP/USD steadies near 1.34 despite Oil shock, hot US inflation

The Pound Sterling (GBP) remains firm during the North American session on Wednesday, even though the Middle East conflict entered its twelfth day of hostilities. Inflation in the US boosted the Greenback’s prospects, yet GBP/USD trades at around 1.3400, virtually unchanged.

Market mood is mixed as traders digest the latest developments of the US, Israel and Iran conflict. Iran's military commented that the world should be prepared for Oil to hit $200 a barrel, after three vessels were attacked on Wednesday. Read more...