Pound Sterling Price News and Forecast: GBP/USD grinds lower but stays around 1.2350s after upbeat NFP

FXStreet Team FXStreet

GBP/USD grinds lower but stays around 1.2350s after upbeat US NFP report

The British pound appears to regain composture but remains losing in the day, down 0.06%, after the Bank of England hiked rates by 25-bps on Thursday. At the time of writing, the GBP/USD is trading at 1.2352. The GBP/USD is still downward biased, though it faced solid support at June’s 2020 lows around 1.2251. Also, the MACD, as the histogram shows, is “forming” a positive divergence, which is usually a signal that the trend is about to shift. However, unless the MACD-line crosses above the signal line, GBP/USD traders should refrain from opening fresh long bets in the pair. Read more...

GBP/USD Weekly Forecast: The worst seems far from over, focus shifts to US inflation, UK GDP

The Fed-BOE contrast remained in play, despite the less aggressive Fed stance, as the dire UK economic outlook widened the economic divergence alongside the monetary. GBP/USD was fairly resilient throughout the week before crashing to fresh 22-month lows below the 1.2300 mark. The pair has recorded the third straight weekly loss, as attention turns towards the US inflation and the UK quarterly GDP. Read more...

GBP/USD Forecast: Pound a long way from a rebound on BOE's recession warning

GBP/USD has recovered modestly after having slumped to its weakest level in nearly two years below 1.2300 early Friday. The pair, however, is unlikely to stage a steady rebound in the near term after the Bank of England's dire recession warning on Thursday. Following its decision to hike the policy rate by 25 basis points (bps) to 1%, the BOE noted that the UK economy could go into recession in 2022 with inflation rising above 10% amid surging energy prices. The bank also refrained from providing any details on the quantitative tightening plan, saying that they would unveil a plan at the August meeting. 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.

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY approaches 158.00 as Japanese Yen resumes decline

USD/JPY is resuming its upside in the European session on Friday, refreshing two-week highs and nearing 158.00. The Japanese Yen extends losses, despite the Bank of Japan's (BoJ) expected rate hike to 1.25% and hawkish Governor Ueda's comments, as two surprise dissents against the rate hike weigh on it.

Gold keeps the bid tone in place; still below $4,400

Gold adds to the optimism seen in the second half of the week, trading with decent gains just below the $4,400 mark per troy ounce on Friday. The precious metal’s advance finds traction in declining crude oil prices and fresh selling pressure on the US Dollar.

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

BoJ Recap: Not as hawkish as expected

The BoJ raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks. Governor Kazuo Ueda said the policy phase had changed.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.