Pound Sterling Price News and Forecast: GBP/USD extends decline below 20-day EMA

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GBP/USD Price Forecast: Extends decline below 20-day EMA

The GBP/USD pair is down 0.25% to near 1.3500 during the European trading session on Wednesday. The Cable faces selling pressure as the US Dollar (USD) trades firmly due to growing expectations that the Federal Reserve (Fed) will deliver at least one interest rate hike this year.

As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.2% higher to near 98.50. According to the CME FedWatch tool, the odds of the Fed delivering at least one interest rate hike this year have increased to 35.6% from 23.5% seen before the United States (US) Consumer Price Index (CPI) data release. Read more...

GBP/USD Price Forecast: Holds modest upside while staying anchored above 100-day EMA support

The GBP/USD pair trades on a positive note around 1.3550 during the early European trading hours on Wednesday. Nonetheless, the potential upside for the major pair might be limited, as UK political turmoil and ongoing tensions in the Middle East could weigh on the British Pound (GBP) against the Greenback.

UK Prime Minister Keir Starmer is facing rising pressure to set a date for his departure after elections across much of the country resulted in massive losses for his ruling Labour Party. While Starmer stated he will not resign, the resulting political "noise" and rising UK gilt yields have created localized pressure on the GBP. Read more...

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GBP/USD looks inconclusive around 1.3500

GBP/USD faces renewed selling pressure, eroding the earlier advance and confronting the key 1.3500 level on Wednesday. The lack of follow through in Cable’s initial move higher comes in response to the resurgence of the demand for the Greenback amid steady geopolitical tensions.

EUR/USD comes under pressure near 1.1530

EUR/USD now trades with marginal losses, receding toward the 1.1530 region on Wednesday. The pair’s slight pullback comes amid the now better tone in the US Dollar, as investors seem to have fully digested the latest US inflation data. The fragile landscape in the Middle East, in the meantime, is also expected to keep limiting the downside potential of the buck for now.

Gold trims gains; focus is back to $4,400

Gold now gives away part of its earlier advance to the vicinity of the $4,450 mark per troy ounce and approaches the $4,400 hurdle on Wednesday. The yellow metal’s partial loss of momentum follows the US Dollar’s recovery attempt after the CPI-led pullback.

Ripple lags recovery as exchange reserves expand

Ripple is trading within a broadly constrained technical structure, with support at $1.00 and key moving averages limiting its recovery potential. In August, the remittance token declined by approximately 6.5%, extending its total pullback to around 14% from July's $1.18 peak.

911 million shares freed: Why SpaceX rallied into its own supply

The most heavily trailed supply event of the year landed on August 6, and the SpaceX (SPCX) stock went up. Roughly 911.5 million shares held by insiders and early backers became eligible to trade, around 43% more than the entire float sold at the listing.

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.