Pound Sterling Price News and Forecast: GBP/USD may rebound toward the two-month high of 1.3599

FXStreet Team FXStreet

Pound Sterling steadies above 1.3450 following UK Retail Sales data

GBP/USD steadies after three days of losses, trading around 1.3470 during the Asian hours on Friday. The pair stays calm following the release of United Kingdom (UK) Retail Sales data, which rebounded 0.7% month-over-month (MoM) in March after declining by a revised 0.6% in February. The market forecast was for a 0.1% growth in the reported month.

The annual UK Retail Sales rose 1.7% in March, slightly below the prior 1.8% (revised from 2.5%) but above expectations of 1.3%. Core Retail Sales, excluding auto fuel, increased 0.2% MoM, reversing a revised 0.6% decline (from -0.4%). On an annual basis, core Retail Sales grew 1.7% in March, down from February’s 2.7% (revised from 3.4%). Read more...

Pound Sterling steadies above two-week low vs USD; bulls seem hesitant amid Iran tensions

The GBP/USD pair enters a bearish consolidation phase and trades around the 1.3465 region during the Asian session on Friday, just above a nearly two-week low set the previous day. Spot prices remain on track to snap a two-week winning streak and seem vulnerable to extend this week's rejection slide from the 1.3600 mark, or over a two-month high, amid a bullish US Dollar (USD).

Despite a temporary extension of the US-Iran ceasefire, investors remain concerned over intensifying tensions in the Middle East amid the lack of progress in peace talks due to the American blockade of Iranian ports. Furthermore, the US-Iran standoff over the Strait of Hormuz dampens hopes for a durable de-escalation. This might continue to underpin the Greenback's status as the global reserve currency and act as a headwind for the GBP/USD pair. Read more...

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GBP/USD flirts with tops near 1.3470

GBP/USD manages to regain composure and challenge the area of daily highs around 1.3470 on Friday. Cable picks up pace despite marginal gains in the Greenback in a context of swelling geopolitical tensions and rising global oil prices.

Gold remains below $4,100 despite receding Fed hike bets, weak USD

Gold opens with a bullish gap at the start of a new week amid receding Fed rate-hike expectations and a bearish US Dollar. Oil prices tumbled after Trump canceled an attack on Iran and said that a deal is near, easing inflation fears. This forces traders to dial back bets on extreme Fed tightening and drags the USD to a fresh low since June 17, which, in turn, is supporting the non-yielding bullion. However, the recent repeated failures to find acceptance above $4,100 warrant caution for XAU/USD bulls.

Gold: The $4,000 mark holds the downside for now

Gold faces renewed selling pressure, falling sharply toweard the $4,000 mark per troy ounce as the US Dollar regains momentum. Escalating US-Iran tensions are keeping inflation concerns and expectations of further Fed rate hikes alive, weighing further on the yellow metal.

Week ahead: US payrolls report and AI earnings to keep investors on edge

After the Fed decision, NFP report awaited for more rate hike clues. Employment also on the agenda in Canada and New Zealand. Chinese trade and Japanese wage data to be watched too. But Iran and AI headlines to remain in driver’s seat for risk sentiment.

Middle East War updates: Trump holds off Iran strikes on pledge Hormuz deal is close

Here’s a brief recap of the key developments in the Middle East war that occurred over the weekend, which are expected to have a significant impact on markets in the upcoming week. Risk sentiment improves on Monday, undermining demand for the US Dollar Index and drag crude oil prices lower.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.