Pound Sterling Price News and Forecast: GBP/USD lacks firm intraday direction on Wednesday

FXStreet Team FXStreet

GBP/USD flat lines below 1.2700, looks to US data/FOMC minutes for some impetus

The GBP/USD pair struggles to build on the overnight goodish rebound from the 1.2615 area, or a multi-day low and oscillates in a narrow band during the Asian session on Wednesday. Spot prices remain confined in a familiar range held over the past two weeks or so and currently trade just below the 1.2700 round-figure mark.

Against the backdrop of the Bank of England's (BoE) dovish pause in June, which lifted bets for a rate cut in August, the anxiety surrounding the upcoming UK general elections on Thursday acts as a headwind for the British Pound (GBP). The US Dollar (USD), on the other hand, struggles to attract any meaningful buyers in the wake of Fed Chair Jerome Powell's dovish-sounding remarks on Tuesday, saying that the US economy has made significant progress on inflation and is back on the disinflationary path. Read more...

GBP/USD extends upside above 1.2650, eyes on US data/FOMC Minutes

The GBP/USD pair trades in positive territory for the fifth consecutive day around 1.2688 on Wednesday during the early Asian session. The USD Index (DXY) declines below the 106.00 hurdle, which supports the major pair. Investors await the US June ADP Employment Change, ISM Services PMI, along with the FOMC Minutes, which are due later on Wednesday.

On Tuesday, US Federal Reserve Chair Jerome Powell stated that US inflation is cooling again after higher readings earlier this year. Still, he wants to see more evidence before being confident enough to start cutting interest rates. Powell added that the US economy and job market remain strong, which means the central bank can take its time in deciding when rate cuts are appropriate. 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 eyes 0.7150 barrier nine-day EMA

AUD/USD inches higher after registering modest losses in the previous day, trading around 0.7130 during the Asian hours. The technical analysis of the daily chart indicates that the pair is moving sideways within the rectangle pattern, suggesting a consolidation as neither the bulls nor the bears have enough momentum to take control of the market.

USD/JPY trades below 160.00 intervention threshold; bullish bias intact

The USD/JPY pair attracts some sellers during the Asian session amid fears that authorities will step in again to prop up the Japanese Yen. Furthermore, the Israel-Lebanon truce prompts some profit-taking around the US Dollar and exerts downward pressure on the currency pair.

Gold extends rebound to $4,500 as US yields edge lower

Gold (XAU/USD) preserves its recovery momentum following Wednesday's slide and tests the $4,500 mark in the second half of the day on Thursday. While US-Iran uncertainty remains, easing tensions between Lebanon on Israel seems to be helping the market mood improve, causing the USD to lose strength alongside falling US T-bond yields and opening the door for a decisive rebound in XAU/USD.

Bitcoin’s massive storm is back: Why the sell-off is far from over

Bitcoin price action over the last few weeks has felt less like a normal, healthy correction and more like a slow grinding crash that continues to wreak havoc on holdings and trading accounts. And everything suggests that the dramatic crash isn’t over.

Nonfarm payrolls: Testing the limits of Fed policy patience

The upcoming nonfarm payrolls report for May will provide the final update on the US labor market before Kevin Warsh attends his first policy meeting as the new Fed Chair later this month.

Recession on paper: What really moves the Canadian Loonie now?

Statistics Canada handed the headline writers a gift and the analysts a headache. Real GDP shrank 0.1% on an annualized basis in the first quarter, and with the fourth quarter of 2025 revised down to a 1.0% contraction, that is two negative quarters in a row, the textbook definition of a technical recession and Canada's first since the pandemic.