Pound Sterling Price News and Forecast: GBP/USD likely fall further towards 1.3420

FXStreet Team FXStreet

GBP/USD Price Forecast: Likely fall further towards 1.3420

The British Pound (GBP) is down 0.1% to near 1.3500 against the US Dollar (USD) during the European trading session on Wednesday. The GBP/USD pair drops as the US Dollar extends its advance, with market participants pricing in a 25 basis points (bps) interest rate hike by the Federal Reserve (Fed) in the policy meeting this month.

At the time of writing, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.13% higher to near 99.78. Read more...

British Pound declines to near 1.3500 as US-Iran tensions rise

The GBP/USD pair declines to near 1.3500 during the early European trading hours on Wednesday. Ongoing tensions in the Middle East provide some support to a safe-haven currency such as the US Dollar (USD) against the British Pound (GBP). All eyes will be on the US August jobs report later on Friday.

CNBC reported that the US and Iran traded a new round of attacks Tuesday, with American forces striking Iranian targets around the critical waterway and Tehran saying it had launched a retaliatory operation targeting US interests across the region. Read more...

GBP/USD Price outlook: British Pound/US Dollar navigating between arc levels

Overview: Based on Arc Cycle Analysis applied to the 30m chart, British Pound/U.S. Dollar is trading between the 0.5 Arc and 0.382 Arc within the current Arc Cycle. Price has cleared the 0.5 Arc boundary and is progressing toward the 0.382 Arc, suggesting continued movement toward the next Arc boundary.

Price is trading between the 0.5 Arc and the 0.382 Arc, indicating that the market is progressing through the current Arc Cycle toward the next Arc boundary. If momentum continues, the preferred scenario is continued movement toward the target 1.3527 price. Read more...

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