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

FXStreet Team FXStreet

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...

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FXStreet Team

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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?

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