Pound Sterling Price News and Forecast: GBP/USD marked its 31-month high level of 1.3359

FXStreet Team FXStreet

GBP/USD remains near 1.3350, close to its 31-month highs

GBP/USD extends its winning streak for the fifth consecutive session, trading around 1.3350 during the Asian hours on Tuesday. The pair maintains its position near its 31-month high level of 1.3359, recorded on Monday.

The US Dollar (USD) may depreciate due to increasing expectations for further rate cuts by the US Federal Reserve (Fed) in 2024. According to the CME FedWatch Tool, markets are pricing in a 50% likelihood of a 75 basis point reduction, bringing the Fed's rate to a range of 4.0-4.25% by the end of this year. Read more...

GBP/USD continues to grind higher, but time is running out

GBP/USD found its way into yet another 30-month high on to kick off the fresh trading week, pulling deeper into bull country on the back of broad-market Greenback selling pressure. The Federal Reserve’s (Fed) last-minute plunge into a double rate cut last week has sparked a weak stance in USD flows, helping to muscle GBP into the top end.

Markets will get a breather on Tuesday, with little data of note on the UK side. On the US economic calendar, it’s strictly a mid-tier showing, though investors will be keeping an eye out for comments from Fed Governor Michelle Bowman due during the US market session. Read more...

Author

FXStreet Team

FXStreet

EUR/USD flirts with daily highs near 1.1620

EUR/USD now manages to regain upside impulse, extending its bounce to the 1.1630 region, or daily tops, always on the back of the renewed selling pressure on the US Dollar. Meanwhile, investors gear up for a busy US docket as well as comments from Fed officials.

GBP/USD advances modestly, reclaims 1.3400

The better tone in the risk complex helps the British Pound on Friday, motivating GBP/USD to reclaim the 1.3400 hurdle and beyond on the back of the modest pullback in the Greenback. Moving forward, traders are expected to closely follow results from key US data releases.

Gold loses momentum, back to $4,600

Gold adds to Thursday’s small decline and revisits the $4,600 region per troy ounce at the end of the week. The precious metal’s corrective move comes on the back of easing geopolitical tensions as well as some improvement in the risk-linked universe.