Pound Sterling Price News and Forecast: GBP/USD holds to gains below 1.2600

FXStreet Team FXStreet

GBP/USD Price Forecast: Holds to gains below 1.2600

The British Pound trims some of its earlier gains versus the US Dollar after the Bank of England (BoE) held rates steady and pushed the GBP/USD toward its daily high of 1.2664. However, once the dust settled, the pair retreated below 1.2600, trading at 1.2578 at the time of writing. Read More...

Pound Sterling falls back after BoE leaves interest rates at 4.75%

The Pound Sterling (GBP) falls sharply against its major peers in Thursday's early North American after the Bank of England (BoE) leaves interest rates unchanged at 4.75%, as expected. The British currency faces a sell-off as three out of nine members of the Monetary Policy Committee (MPC) proposed a 25-basis points (bps) interest rate reduction. Only policymaker Swati Dhingra, who has been consistently supporting a more expansionary policy stance, was expected to propose an interest rate cut. However, policymaker Alan Taylor and Deputy Governor Dave Ramsden also supported a dovish decision. Read More...

GBP/USD edges higher to near 1.2600 ahead of BoE rate decision

GBP/USD gains ground after declining more than 1% following the Federal Reserve’s (Fed) hawkish cut on Wednesday, trading around 1.2590 during the Asian hours on Thursday. The Pound Sterling (GBP) gains upward support as the Bank of England (BoE) is anticipated to keep interest rates unchanged later in the day while remaining focused on addressing elevated domestic inflation. Read More...

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GBP/USD holds above 1.3350 with the 200-day SMA capping gains

The British Pound appreciates against the US Dollar on Tuesday to trim previous losses and return to the 1.3375 area, aiming to retest resistance at the key 200-day Simple Moving Average. This is a popular indicator, which lies a few pips below 1.3400 and has been capping Pound’s recovery over the last two weeks.

EUR/USD challenges multi-week tops above 1.1450

EUR/USD regains traction and climbs further, revisiting the 1.1460 region on Tuesday. The pair’s marked uptick comes in response to the marked sell-off in the US Dollar, which has intensified after US inflation figures disappointed expectations in June. Meanwhile, investors continue to closely follow Chair Warsh’s semiannual testimony.

Gold keeps the bid tone intact; focus is on $4,100

Gold reverses the recent weakness and reclaims the area beyond the key $4,000 mark per troy ounce on Tuesday. The precious metal’s recovery picks up pace and approaches the $4,100 region following the Greenback’s decline and comments from the Fed’s Warsh.

Crypto Today: Bitcoin, Ethereum, XRP extend sideways trading amid ETF outflows, US-Iran war escalation

Bitcoin hovers around $62,500 amid prevalent sideways trading. Meanwhile, major altcoins such as Ethereum and Ripple are holding above crucial support levels at $1,700 and $1.05, respectively, reflecting ongoing consolidation across the crypto sector.

Fed Chair Warsh to note they have no tolerance for persistently elevated inflation

According to the prepared remarks that Fed Chairman Kevin Warsh will deliver during his testimony on the Semiannual Monetary Policy Report before the US House Financial Services Committee, he will note that the Fed has no tolerance for persistently elevated inflation.

Five sessions, one round trip: Why the whipsaw is exactly what Warsh ordered

Markets opened July with a December hike as the base case and spent five trading sessions unlearning and relearning it. A 57K payrolls print bled the tightening bets out of the strip; a re-shut Strait of Hormuz is pushing them back in. Wednesday's minutes from the June FOMC meeting landed mid-round-trip, describing a world that had already stopped existing.