Pound Sterling Price News and Forecast: GBP/USD extended its rally and touched its highest level

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GBP/USD Forecast: Pound Sterling surges, Shell banned from attempting BP takeover for six months

GBP/USD extended its rally and touched its highest level since October 2021 above 1.3750 on Thursday. The heavy selling pressure surrounding the US Dollar (USD), on renewed concerns over the Federal Reserve losing its independence, could allow the pair to continue to push higher despite overbought conditions.

The Wall Street Journal (WSJ) reported late Wednesday that United States President Donald Trump was planning to announce his candidate for the next Chairman of the Federal Reserve (Fed) early, by September or October, to undermine Fed Chairman Jerome Powell. The news outlet claimed that Trump is evaluating Kevin Hassett's, Director of the National Economic Council, and Treasury Secretary Scott Bessent's commitment to lower interest rates as they are among the names that could potentially replace Powell. Read more...

GBP/USD outlook: Cable keeps firm tone, further gains likely after consolidation

Cable remains steady and holds within a narrow consolidation just below new multi-month high (1.3648), posted on Tuesday, following strong bullish acceleration in past two days.

Revived risk appetite on growing confidence in still fragile ceasefire in the Middle East, continues to underpin near-term action, as markets await more details from Fed Powell’s second day of testimony to Senate Banking committee. Read more...

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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 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?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.