Pound Sterling Price News and Forecast: GBP/USD licks wounds following its pullback from 1.3276

FXStreet Team FXStreet

GBP/USD Price Forecast: Pound Sterling remains capped by 50-day SMA

GBP/USD is battling 1.3200 in the early European trading hours on Tuesday, consolidating the previous sharp retracement from five-week highs of 1.3276.

Growing expectations that the Bank of England (BoE) will lower the benchmark interest rate at the December 18 monetary policy meeting keep the bearish pressures intact on the Pound Sterling (GBP) amid the latest upswing in the US Dollar (USD) across the board. Read more...

GBP/USD slides as UK budget strains and US labor data weigh

GBP/USD soured on Monday, starting off the December trading window declining around one-quarter of one percent, pushing back down from a key technical confluence region that will likely inspire further short selling behind the Pound Sterling (GBP) unless global flows into the US Dollar (USD) reverse course.

Chancellor of the Exchequer Rachel Reeves has come under fresh fire regarding the state of the UK’s government budget. Chancellor Reeves stands accused of grossly misreprenting the true state of the UK’s finances. Chancellor Reeves has continued to advocate for “unavoidable increases” in budgetary taxes, despite the Office for Budget Responsibility (OBR) noting recently that the current government is facing an unexpected surplus, rather than the forecast deficit, thanks to stronger-than-expected wage growth and higher-than-expected tax revenues offsetting declines in productivity. Read more...

GBP/USD holds higher as rising December cut bets fuel Sterling demand

The GBP/USD pair post modest gains, rising over 0.20% on Monday as investors grow confident that the Federal Reserve (Fed) might cut rates in the next week's meeting. Traders priced in a possible nomination of the White House Economic Adviser Kevin Hassett to succeed Chair Jerome Powell at the Fed. At the time of writing, the pair trades at 1.3250, after hitting a daily low of 1.3205.

Data from the US showed that business activity contracted for the ninth straight month in November, according to the Institute for Supply Management (ISM). The ISM Manufacturing PMI dipped from 48.7 in October to 48.2 last month. The sub-component of employment dropped from 46 to 44, while Prices Paid jumped to 58.5 from 58, below forecasts of 59.5. Read more...

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EUR/USD consolidates above 1.1800 as trades await Eurozone CPI and US data

The EUR/USD pair struggles to capitalize on the previous day's modest bounce from the 1.1780-1.1775 area, or over a one-week low, and oscillates in a narrow band during the Asian session on Wednesday. Spot prices currently trade around the 1.1815 zone, nearly unchanged for the day, as traders keenly await the release of the flash Eurozone consumer inflation figures.

GBP/USD steadies above 1.3700 near nine-day EMA support

GBP/USD steadies after registering modest gains in the previous session, trading around 1.3700 during the Asian hours on Wednesday. The technical analysis of the daily chart points to a potential bearish reversal as the range narrows, indicating waning buyer momentum within a rising wedge pattern.

Gold capitalizes on resurgent haven demand, $5,100 in sight?

Gold builds on the recovery from four-week lows beyond $5,000 early Wednesday. The US Dollar struggles for traction amid data delay and uncertainty over the Fed’s rate outlook under Warsh. Gold recaptures 21-day SMA. while RSI holds firmly above the midline on the daily chart.

Top Crypto Gainers: WLFI, ATOM, and JUP post mild gains amid market sell-off

World Liberty Financial, Cosmos, and Jupiter posted a mild recovery on Tuesday, defying the broader cryptocurrency market-wide sell-off. However, the technical outlook for WLFI and ATOM remains mixed as short-term recovery challenges the prevailing bearish momentum.

Gold and silver recovery continues, but equities sink as tech is shunned

The risk recovery is on pause as we move through Tuesday. After signs that a recovery in precious metals could boost overall risk appetite earlier today, a nasty sell off in tech stocks has pushed the Nasdaq and the S&P 500 down by 1.7% and 1.1% respectively.

Ripple slides as low retail, institutional demand weigh

Ripple edges lower, trading marginally below $1.60 at the time of writing on Tuesday as bulls and bears battle for control. The cross-border remittance token rose to $1.66 on Monday, but profit-taking and risk-off sentiment in the broader crypto market led to the ongoing correction.