Pound Sterling Price News and Forecast: GBP/USD managed to erase a portion of its daily losses

FXStreet Team FXStreet

GBP/USD Forecast: Sellers could move aside if Pound Sterling rises above 1.3100

GBP/USD clings to small daily gains early Friday after closing marginally lower on Thursday. The pair could extend its recovery if it manages to flip 1.3100 into support.

After coming in within a touching distance of 1.3000 in the early American session on Thursday, GBP/USD managed to erase a portion of its daily losses as the mixed macroeconomic data release from the US limited the US Dollar's (USD) strength. Read more...

GBP/USD heads towards $1.3000, as UK economy suffers from the ‘August effect’

The UK economy returned to growth in August, it expanded 0.2% on a monthly and 3-month-on-month basis. This means that unless the growth bounced back sharply last month, the UK economy most likely moderated in Q3 compared to the 0.5% growth rate in Q2. Delving into the details of the report reveals that all main sectors of the economy expanded last month, however, service growth was meagre at just 0.1%, while production and construction were robust, expanding by 0.5% and 0.4% respectively.

The picture is one of slowing growth in the UK, compared to the first half of this year. Some sectors that had an especially strong month included accountancy, retail and manufacturing. Although oil production was weaker. Service growth, which is usually been the mainstay of British growth, barely budged in August. 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.

GBP/USD hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold picks up pace, approaches $4,400

Gold rebounds toward the $4,400 mark per troy ounce on Friday, reversing the previous day’s pullback. The precious metal’s recovery comes as fresh and intense weakness keep weighing on the US Dollar, while traders keep assessing easing expectations of an imminent Fed interest rate hike and the situation from the Middle East.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

Actual inflation data for July came out as expected with a 0.1% m/m increase in headline CPI and 0.2% excluding food and energy. Annual headline inflation remains too high at 3.4% and means that wage earners are experiencing stagnating spending power at best, and core inflation is a bit higher than the inflation target of two percent would suggest.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.