Pound Sterling Price News and Forecast: GBP/USD lacks any firm intraday direction ahead of BoE policy decision

FXStreet Team FXStreet

GBP/USD consolidates above mid-1.3300s as traders await BoE and US CPI report

The GBP/USD pair struggles to capitalize on the overnight bounce from the 1.3310 area, or a one-week low, and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade around the 1.3370 region, down less than 0.10% for the day, as traders opt to wait on the sidelines ahead of the key central bank event risk and US consumer inflation data.

The Bank of England (BoE) is scheduled to announce its policy decision later today and is widely expected to lower interest rates by 25 basis points (bps), following a pause in November. The bets were reaffirmed by softer UK consumer inflation figures on Tuesday, which continue to undermine the British Pound (GBP) and turn out to be a key factor acting as a headwind for the GBP/USD pair. Read more...

GBP/USD tumbles under 1.3400 as soft CPI all but guarantees BoE easing

GBP/USD drops below 1.3400 on Wednesday as the latest inflation report in the United Kingdom (UK) dipped sharply ahead of the Bank of England’s (BoE) monetary policy decision on Thursday. At the time of writing, the pair hovers around 1.3350, down 0.48%.

The US economic docket remains scarce, with Fed officials crossing the wires. Governor Christopher Waller —who would be interviewed by the US President Donald Trump for the top Fed Chair job — said that rate cuts have positively impacted the employment sector. He added that “inflation is unlikely to pick up again,” and that rates are 50 to 100 bps above neutral levels, but there’s no need for immediate rate cuts. Read more...

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FXStreet

EUR/USD loses the grip, returns to the sub-1.1800 zone

EUR/USD extends its daily pullback, slipping below the 1.1800 mark and hitting fresh multi-day lows ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with investors continuing to digest the so-called “Warsh trade” while weighing the latest US data releases.

GBP/USD bounces off lows, retests 1.3640

GBP/USD adds to Friday’s losses, reaching six-day lows near 1.3620, although regaining some composure soon afterwards. Indeed, Cable’s pullback comes amid the ongoing solid performance of the Greenback, while traders also begin to turn their attention to the upcoming BoE meeting.

Gold looking to stabilize below $4,700

Gold remains under heavy pressure in quite a negative start to the week, hovering around the $4,600 region per troy ounce and retreating for the third day in a row. The yellow metal’s decline comes amid strong gains in the US Dollar, the broad-based rebound in US Treasury yield and the deep sell-off in the precious metals’ space.

Ethereum Price Forecast: ETH bounces off $2,150 as Bitmine stretches holdings above 4.28 million ETH

Ethereum (ETH) treasury firm Bitmine Immersion Technologies (BMNR) scooped 41,788 ETH last week in another round of weekly ETH acquisition.

Warsh effect ripples through markets, central banks on deck this week

The first full month of the year is behind us, and, honestly, it has been rather more dramatic than most had anticipated when toasting the New Year. We wrapped up last week with US President Donald Trump announcing his Fed Chair pick.

Ripple steadies after sell-off as low on-chain activity, retail interest weigh

XRP rebounds from last week’s support at $1.50 but struggles below resistance at $1.77. Active addresses on the XRP Ledger dropped below 18,000 on Sunday amid risk-averse sentiment. Retail interest in XRP continues to decline, with futures Open Interest dropping to $2.81 billion.