Pound Sterling Price News and Forecast: GBP/USD reaches 1.3800 level

FXStreet Team FXStreet

GBP/USD Forecast: Dominant dollar sends sterling below critical support, levels

A new month, a fresh blow to sterling – Markit's UK Manufacturing Purchasing Managers' Index for June has been downgraded to 64.9 points from the original read of 64.2, adding to already existing pressure on the pound.

The greater worry is the ongoing spread of the Delta variant of coronavirus, which may still derail the already delayed reopening due on July 19 – and could have a further negative impact later in the year. Britain's vaccination efforts – which drastically decrease severe disease – continue at full speed, but the tide has yet to turn in the number of infections. Read more...

GBP/USD analysis: Reaches 1.3800 level

The decline of the GBP/USD has reached the 1.3800 level, which provided support for a retracement back up to the 1.3840 level. During the early hours of Thursday's trading, the pair fluctuated between the mentioned levels.

In the near term future, the rate could either trade sideways between the mentioned levels or make a move up or down. Read more...

GBP/USD outlook: Bears accelerate on dovish comments from BoE's Governor Bailey

Cable continues to travel south for the sixth straight day and hit 11-week low on Thursday after dovish tone from BoE Governor Bailey’s speech accelerated bears.

Fresh weakness broke through pivotal support at 1.3786 (June 21 low) completing failure swing pattern on daily chart and signaling continuation of larger downtrend from 1.4249 (2021 high of June 1). Read more...

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FXStreet

EUR/USD looks to stabilize near 1.1600 as focus shifts to US data

EUR/USD is looking to stabilize near 1.1600 in the European session on Wednesday as traders breathe a sigh of relief before the top-tier US ADP jobs and ISM Services PMI data. A pause in the US Dollar uptrend helps the pair's recovery, but surging energy prices due to the Iran war will likely remain a drag.

GBP/USD stays weak near 1.3350 as USD preserves gains

GBP/USD stays in the red below 1.3350 in the European session on Wednesday. Escalating conflict in the Middle East keeps the "flight to safety" theme intact, supporting the US Dollar against the Pound Sterling. Traders will take more cues from the US ADP Employment and ISM Services Purchasing Managers Index reports, which are due later on Wednesday.

Gold sticks to intraday gains above $5,150; upside seems limited amid bullish USD

Gold preserves its modest intraday gains through the Asian session on Wednesday and currently trades just above the $5,150 level, up around 1.30% for the day. Investors remain concerned about a prolonged conflict in the Middle East and its impact on the global economy amid an already uncertain environment.

Bitcoin, Ethereum and Ripple struggle for direction as consolidation persists

Bitcoin, Ethereum and Ripple prices trade with a cautious tone at the time of writing on Wednesday as upside momentum continues to fade across the broader crypto market. BTC remains within a parallel channel, ETH struggles below key resistance, while XRP remains fragile within a descending channel. These top three cryptocurrencies by market capitalization continue to struggle to establish a directional bias amid the consolidation phase.

When rates start driving the bus through a war zone

The volatility regime itself is also changing character. EM carry trades thrive in calm markets. They suffocate in environments that resemble Buckaroo Banzai trading conditions, where headlines move faster than models. That is exactly the world investors are now trying to recalibrate to. Euro rate volatility had been remarkably subdued even while equities were wobbling. That stability is now being questioned, and once volatility leaks into rates it rarely stays contained. Indeed, carry trades love calm seas. War turns the ocean into white water.

Solana Price Forecast: SOL consolidation near resistance as ETF inflows offer mild support

Solana price is facing slight rejection as it approaches the upper boundary of the consolidation range at around $88 on Wednesday. Institutional demand is strengthening as spot Exchange Traded Funds recorded two consecutive inflows so far this week.