Pound Sterling Price News and Forecast: GBP/USD gathers strength near 1.3105

FXStreet Team FXStreet

GBP/USD extends rally above 1.3100, focus on BoE’s Bailey and Fed’s Powell speeches

The GBP/USD pair trades in positive territory for the seventh consecutive day near 1.3105 during the early European session on Friday. The confidence of investors that the US Federal Reserve (Fed) will start easing monetary policy in the upcoming September meeting continues to undermine the US Dollar (USD) broadly.

The Bank of England (BoE) Governor Andrew Bailey and Fed Chair Jerome Powell's speech at the Jackson Hole Symposium on Friday will be in the spotlight and might give a clearer direction about the interest rate path. The minutes of the July 30-31 FOMC meeting showed that the majority of Fed policymakers backed the case for a rate cut next month amid progress in bringing down inflation to the target. On Thursday, Boston Fed President Susan Collins said that it will soon be appropriate to start cutting rates as data on inflation are consistent with more confidence inflation getting back to 2%. Read more...

GBP/USD rally grinds to a halt, but downside remains limited

GBP/USD tipped into another fresh 13-month peak on Thursday, climbing to 1.3130 before broader market sentiment took a turn for the worse, bolstering the Greenback. Cable was dragged back to the day’s opening bids around 1.3090 after US Purchasing Managers Index (PMI). figures came in lopsided.

Friday will see all eyes turned to Federal Reserve (Fed) Chairman Jerome Powell who is slated to speak at the Jackson Hole Economic Symposium. Markets are hoping that the Fed head will introduce firmer guidance on how likely the Fed is to cut in September, as well as for how much. Read more...

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 treads water around 1.3500

GBP/USD keeps gyrating around the 1.3500 region amid humble gains on Thursday. In the meantime, Cable’s irresolute price action comes as investors continue to assess mixed UK data, poor US results as well as the persistent uncertainty surrounding the US-Iran conflict.

EUR/USD picks up pace; revisits 1.1530

EUR/USD trades with decent gains above the 1.1500 yardstick on Thursday. Persistent uncertainty in the Middle East fuels risk aversion, limiting the US Dollar’s downside potential. Earlier in the day, both US Producer Prices and weekly Claims missed market consensus, adding to the buck’s soft tone.

Gold meets resistance around $4,450

Gold extends its intraday pullback on Thursday, retesting the $4,370 zone per troy ounce and fading Wednesday’s uptick. Meanwhile, the precious metal continues to monitor developments from the Middle East as well as bets surrounding the potential Fed’s rate path.

Crypto Today: Bitcoin, Ethereum, XRP remain sluggish amid mixed ETF flows

The cryptocurrency market continues to trade sideways on Thursday, with Bitcoin struggling to reclaim the $64,000 level. Ethereum is attempting to build momentum near the key $1,900 resistance, while Ripple maintains support above $1.00, yet upward movement remains limited.

Week ahead – Summer lull could be tested by geopolitics and central bank expectations

US dollar stabilizes as September Fed hike bets remain subdued. Market volatility stays low, but thin liquidity could amplify movements. Key UK data could challenge pound strength; euro craves bullish catalysts.

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.