Pound Sterling Price News and Forecast: GBP/USD loses traction on mixed BoE commentary [Video]

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GBP/USD Forecast: Pound Sterling loses traction on mixed BoE commentary

Following Monday's rally, GBP/USD loses traction and declines toward 1.3500 in the European session on Tuesday. The technical outlook points to a loss of bullish momentum as investors await US data.

While testifying on the Monetary Policy Report before the UK Treasury Select Committee on Tuesday, Bank of England (BoE) Governor Andrew Bailey noted that they have not seen particular inflation surprises and reiterated that he prefers a gradual and careful approach to policy-easing. Read more...

GBP/USD takes a breather before next bullish move

GBP/USD has eased slightly below May’s three-year high of 1.3592, but Monday’s solid rebound has renewed optimism that the bulls are still in control.

For further upside momentum, the price needs a decisive close above the resistance line from July 2023 at 1.3597, which capped gains last week. A breakout above the key constraining zone of 1.3658 could trigger a more exciting rally toward the 2022 peak at 1.3747. Beyond that, attention could shift to the ascending trendline around 1.3865. Read more...

GBP/USD Elliott Wave technical analysis [Video]

The daily chart presents a bullish outlook for GBP/USD, highlighting strong impulsive movement in the current wave pattern. The analysis indicates the formation of orange wave one as part of a larger bullish trend, situated within navy blue wave three. This implies the completion of navy blue wave two’s corrective phase and the start of a new impulse, marking the early phase of a potentially extensive upward trend. Read more...

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EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.