Pound Sterling Price News and Forecast: GBP/USD extend gains despite UK jitters

FXStreet Team FXStreet

GBP/USD Price Analysis: Weekly falling trend line holds the key to 1.3200 ahead of the BOE

GBP/USD takes the bids near 1.3135, up 0.21% on a day, during Thursday’s Asian session. The Cable recently bounced off 1.3108 to print a two-day winning streak. In doing so, the quote aims to confront an immediate resistance trend line.

With the MACD teasing bulls, the pair is more likely to overcome a downward sloping trend line from July 31, at 1.3160 now, which in turn could quickly propel the pair towards March high near 1.3200. However, July month’s high of 1.3170 may act as a validation point for the further rise.

GBP/USD Forecast: With room to extend gains despite UK jitters

The GBP/USD pair continued enjoying dollar’s weakness, extending its weekly advance to 1.3162, now trading around the 1.3130 level. As it been has happening lately, the pair’s advance was backed by a weaker dollar, with the market ignoring negative UK headlines. According to Markit, services activity in the UK expanded less-than-expected in July, with the PMI revised lower to 56.5 in July versus 56.6 previously estimated. In the coronavirus front, news are once again worrisome in the UK. The Scottish first minister, Nicola Sturgeon announced a new lockdown in the Aberdeen city council area, after 54 new coronavirus cases were confirmed, while roughly 200 close contacts have been traced.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.