Pound Sterling Price News and Forecast: GBP/USD pulls back from a six-month high, 1.3292 reached on Wednesday

FXStreet Team FXStreet

GBP/USD trades below 1.3250 after retreating from six-month highs

GBP/USD snaps its seven-day winning streak, easing to around 1.3230 during Thursday’s Asian session after retreating from a six-month high of 1.3292 reached on Wednesday. Traders now await key US data releases later in the day, including Building Permits, Housing Starts, the Philly Fed Manufacturing Index, and weekly Initial Jobless Claims.

The US Dollar Index (DXY) is trading higher near 99.60 at the time of writing, supported by stronger-than-expected consumer spending in March. US Retail Sales rose 1.4% in March, exceeding both February’s 0.2% gain and the forecast of 1.3%. Read more...

GBP/USD rises as UK inflation cools, BoE rate cut bets increase

The British Pound advanced during the North American session, posting soft gains of 0.14% against the Greenback as inflation slowed to its weakest level in three months. This adds to pressure on the Bank of England to reduce interest rates. At the time of writing, the GBP/USD trades at 1.3248 after hitting a daily peak of 1.3291.

Inflation in the UK dipped from 2.8% in February to 2.6% YoY in March, below estimates of 2.7% and projections of the Bank of England (BoE). In February, the BoE expected prices to rise to 3.6% in April, expecting tariffs and household utility bills would go up. Read more...

Author

FXStreet Team

FXStreet

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold trims losses, back below $5,400

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.