Pound Sterling Price News and Forecast: GBP/USD edges higher albeit lacks follow-through

FXStreet Team FXStreet

GBP/USD Price Analysis: Trades with modest intraday gains below 1.3100, bullish bias remains

The GBP/USD pair attracts some dip-buying during the Asian session on Tuesday and for now, seems to have stalled a two-day-old corrective slide from its highest level since April 2022, around the 1.3140 region touched last week. Spot prices, however, struggle to capitalize on the move and retreat a few pips from the vicinity of the 1.3100 mark, or a fresh daily peak touched in the last hour.

Bets that the Federal Reserve (Fed) will soften its hawkish tone and keep interest rates steady after the widely anticipated 25 bps lift-off in July continues to act as a headwind for the US Dollar (USD). Apart from this, a positive risk tone is seen as another factor undermining the safe-haven Greenback, which, in turn, assists the GBP/USD pair to regain positive traction. That said, speculations that the US central bank could stick to its forecast for a 50 bps rate hike this year hold back traders from placing fresh bearish bets around the USD and keep a lid on any meaningful upside for the major. Read more...

GBP/USD oscillates around 1.3070 ahead of key data events

The GBP/USD pair consolidates in a narrow range during the early Asian session on Tuesday as the market sentiment turns cautious ahead of the release of US Retail Sales and the UK Consumer Price Index (CPI). The major is trading around 1.3072, down 0.01% on the day.

The UK will release the Consumer Price Index (CPI) for June on Wednesday, which is expected to be 8.2% YoY, from 8.7% in May, while the core CPI is estimated to be 7.1%, unchanged from May. Market participants anticipate the Bank of England (BoE) will hike its interest rates by 50 basis points (bps) in August. However, the aggressive tightening policy from the BoE to bring inflation to the target level would dampen the economic prospects of Britain's economy. Read more...

GBP/USD

Overview
Today last price	1.3085
Today Daily Change	0.0012
Today Daily Change %	0.09
Today daily open	1.3073

Trends
Daily SMA20	1.2809
Daily SMA50	1.2629
Daily SMA100	1.2471
Daily SMA200	1.2211

Levels
Previous Daily High	1.3109
Previous Daily Low	1.3051
Previous Weekly High	1.3142
Previous Weekly Low	1.275
Previous Monthly High	1.2848
Previous Monthly Low	1.2369
Daily Fibonacci 38.2%	1.3073
Daily Fibonacci 61.8%	1.3087
Daily Pivot Point S1	1.3046
Daily Pivot Point S2	1.302
Daily Pivot Point S3	1.2988
Daily Pivot Point R1	1.3105
Daily Pivot Point R2	1.3136
Daily Pivot Point R3	1.3163

Author

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 slides below 1.3250 after failing to break through 23.6% Fibo

The GBP/USD pair meets with a fresh supply during the Asian session on Wednesday and moves away from a nearly two-week high around the 1.3275 region, touched the previous day. Spot prices currently trade around the 1.3235 zone, down 0.20% for the day, as traders look to speeches from Bank of England Governor Andrew Bailey and Federal Reserve Chair Kevin Warsh for a fresh impetus.

EUR/USD trims losses, back above 1.1400

The US Dollar’s correction motivates EUR/USD to bounce off earlier lows and reclaim the area beyond the 1.1400 hurdle on Wednesday. The pair’s rebound follows the loss of momentum in the Greenback following auspicious news over a final US-Iran deal.

Gold advances to weekly highs near $4,100

Gold keeps pushing higher and climbs to multi-day peaks near the $4,100 mark per troy ounce on Wednesday. The precious metal’s marked rebound comes in response to the US Dollar’s knee-jerk, a somewhat less hawkish tone from the Fed’s Warsh and positive headlines from the Middle East.

A preview of NFP

The number is of much greater importance than usual as the Fed moves away from a forecasting framework and towards a current-data / rebuilding-credibility framework.

Crypto Today: Bitcoin, Ethereum, XRP stay under pressure as investors turn more risk-averse

The cryptocurrency market trades under intense headwinds on Wednesday, led by Bitcoin’s (BTC) deepening sell-off below $60,000. The Crypto King hovers above $58,000.

Just like Fed, is BoJ’s independence under threat?

When talking about central bank independence, most of the focus has been on Donald Trump’s pressure on the Federal Reserve. But a similar story, a quieter one for now, seems to be happening on the other side of the Pacific: Japan’s government may be testing the Bank of Japan’s independence.