Pound Sterling Price News and Forecast: GBP/USD moves upward within an ascending channel

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GBP/USD Price Analysis: Holds position above 1.2850 nearing a pullback resistance

GBP/USD continues to advance for the second consecutive session, trading around 1.2860 during Asian hours on Thursday. The analysis of the daily chart shows that the pair is moving upward within an ascending channel, which indicates a bullish bias in the pair's price action.

Additionally, the 14-day Relative Strength Index (RSI) is positioned slightly below the 70 level, indicating confirmation of the bullish trend while also suggesting potential overbought conditions. A breach above this level could signal a need for caution, possibly indicating a forthcoming correction. Read more...

GBP/USD rallies on resurgence of Fed rate cut hopes

GBP/USD rallied on Wednesday, clipping into a four-week peak after broad-market expectations of future rate cuts reignited following Federal Reserve (Fed) Chairman Jerome Powell’s wrap-up of the two-day Semi-Annual Monetary Policy Report. UK data is limited to mid-tier Industrial Production figures on Thursday, but looming US Consumer Price Index (CPI) inflation will draw plenty of investor eyes during Thursday’s American market session.

Rate-cut-hungry markets decided that Fed Chair Powell’s appearances before Congressional committees was close enough to dovish this week, with Powell giving a cautious nod to recent progress on inflation. Risk appetite has recovered as investors lean back into hopes for a September rate cut, and investors will be looking for an undershoot of US CPI inflation on Thursday, with median market forecasts expecting annualized core CPI inflation in June to hold steady at 3.4%. Read more...

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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.

AUD/USD eyes 0.7150 barrier nine-day EMA

AUD/USD inches higher after registering modest losses in the previous day, trading around 0.7130 during the Asian hours. The technical analysis of the daily chart indicates that the pair is moving sideways within the rectangle pattern, suggesting a consolidation as neither the bulls nor the bears have enough momentum to take control of the market.

USD/JPY trades below 160.00 intervention threshold; bullish bias intact

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Bitcoin price action over the last few weeks has felt less like a normal, healthy correction and more like a slow grinding crash that continues to wreak havoc on holdings and trading accounts. And everything suggests that the dramatic crash isn’t over.

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