Pound Sterling Price News and Forecast: GBP/USD pound to extend sideways grind in short term [Video]

GBP/USD could see further weakness [Video]

EURJPY stepped on the short-term ascending trendline, as it halted last week’s pullback from the new eight-year high of 145.62.

With the price trading comfortably above its upward-sloping simple moving averages (SMAs) and the momentum indicators hovering within the bullish territory despite their flat trajectory, upside moves are more likely than downside ones. Specifically, the RSI is a long distance above its 50 neutral mark, while the MACD is well elevated within the positive zone and near its red signal line. Read more...

GBP/USD Forecast: Pound to extend sideways grind in short term

GBP/USD has gone into a consolidation phase above 1.1400 after having closed the first day of the week virtually unchanged. As investors prepare for the US Federal Reserve's and the Bank of England's (BoE) policy announcements, the pair is likely to have a hard time finding direction in the near term.

The dollar rally lost its steam on Monday after Nick Timiraos, Wall Street Journal author who leaked the 75 basis points (bps) Fed rate hike in July, refrained from hinting at a 100 bps rate increase in his latest article. In turn, Wall Street's main indexes managed to post modest recovery gains and allowed GBP/USD to retrace its daily drop. Read more...

GBP/USD eases from daily top amid modest USD bounce from one-week low, holds above 1.1400

The GBP/USD pair builds on the previous day's recovery move from the vicinity of mid-1.1300s, or its lowest level since 1985 and edges higher through the first half of trading on Tuesday. The pair stick to modest intraday gains through the early European session, though seems to struggle to capitalize on the move beyond mid-1.1400s and retreats a few pips from the daily peak.

A combination of factors assists the US dollar to attract some dip-buying following an early slide to a one-week low, which, in turn, acts as a headwind for the GBP/USD pair. Expectations that the Federal Reserve will stick to its faster rate-hiking cycle to tame inflation remain supportive of elevated US Treasury bond yields. In fact, the US central bank is widely expected to deliver another supersized 75 bps rate hike at the end of a two-day meeting on Wednesday. Read more...