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Pound Sterling Price News and Forecast: GBP/USD hitting two-year lows

GBP/USD Price Analysis: Attempts to surpass crucial resistance at 1.2260

The GBP/USD pair is displaying back and forth moves in a narrow range of 1.2236-1.2266 in the early Tokyo session. The asset has been gradually scaling higher after hitting a low of 1.2173 on Friday as risk-perceived currencies found significant interest.

GBP/USD Weekly Forecast: A temporary bottom in place?

The pound battering continued for the fourth straight week, as bears refused to give up. GBP/USD lost more than 200 pips to hit a new two-year low at 1.2157, breaking through several critical support levels. The US dollar emerged the most favored safe haven amid a revival of global growth and inflation fears. Heading into a new week, cable is looking to find a bottom, with all eyes on the US Retail Sales and UK inflation data.

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EUR/USD comes under pressure near 1.1600

EUR/USD is now facing increasing selling pressure, abandoning the area of recent daily highs and refocusing on the 1.1600 region amid decent losses for the day. The pair’s correction comes in response to the acceptable bounce in the US Dollar, while traders gear up for upcoming key data releases in the US.

GBP/USD recedes to 1.3140 on USD rebound

GBP/USD remains on the back foot on Friday, retreating to the 1.3140 region on the back of the marked upside impulse in the Greenback. In the meantime, worries about the UK’s fiscal discipline and political stability keep the British Pound under scrutiny, weighing on Cable. Adding to the noise, reports suggested PM Starmer and Chancellor Reeves have shelved plans to raise income tax rates.