Pound Sterling Price News and Forecast: GBP/USD recovery could remain shallow

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GBP/USD Forecast: Pound Sterling recovery could remain shallow

After dropping to its lowest level in over a week below 1.3450 in the Asian session on Thursday, GBP/USD regained its traction and advanced to the 1.3470 region. Despite this recent recovery, the pair's technical outlook doesn't point to an increasing buyer interest.

The risk-averse market environment caused GBP/USD to continue to stretch lower early Thursday. In the European session, Pound Sterling benefited from the preliminary August Purchasing Managers' Index (PMI) data from the UK and erased its daily losses. Read more...

GBP/USD outlook: Continues to pressure daily cloud base following limited positive impact

Cable edged higher on Wednesday after testing next key support provided by daily cloud base (1.3464), following break below psychological 1.3500 level (reinforced by daily Tenkan-sen) previous day.

Pound was lifted by disappointing UK July inflation data which further darkened outlook as Britain’s inflation is the highest and fastest growing among G7 economies. In addition, economic growth remains weak that makes the position of UK policymakers more difficult, with bets about rate cut by the end of the year, fading after today’s data. 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.

GBP/USD hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold picks up pace, approaches $4,400

Gold rebounds toward the $4,400 mark per troy ounce on Friday, reversing the previous day’s pullback. The precious metal’s recovery comes as fresh and intense weakness keep weighing on the US Dollar, while traders keep assessing easing expectations of an imminent Fed interest rate hike and the situation from the Middle East.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

Actual inflation data for July came out as expected with a 0.1% m/m increase in headline CPI and 0.2% excluding food and energy. Annual headline inflation remains too high at 3.4% and means that wage earners are experiencing stagnating spending power at best, and core inflation is a bit higher than the inflation target of two percent would suggest.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.