Pound Sterling Price News and Forecast: GBP/USD remains below 1.3000 inside short-term falling wedge

FXStreet Team FXStreet

GBP/USD Price Analysis: Remains below 1.3000 inside short-term falling wedge

GBP/USD stays mostly unchanged while taking rounds to 1.2910 during early Thursday. In doing so, the pair remains inside falling wedge formation, below 50-day SMA, while targeting the support line of the pattern.

Considering the bearish MACD and the pairs’ sustained weakness, the Cable is likely to defy the bullish formation by a decline below the 1.2870 immediate support.

GBP/USD Forecast: Pound’s decline set to continue

The GBP/USD pair trimmed Tuesday gains and fell toward the 1.2900 level, holding a handful of pips above this last heading into the Asian opening. There was no particular catalyst for the Pound’s decline, although speculative interest is unwilling to push the pair beyond 1.3000 amid the persistent uncertainty about the future UK relationship with the EU. Trade talks will begin next week, with both parts sticking to their guns. The UK wants a Canada-style trade deal, while the EU demands changes in UK rules to reach a “level playing field.” They have until December to come to an agreement.

EUR/USD tumbles below 1.1800 as Middle East turmoil drives US Dollar demand

The EUR/USD pair falls to near 1.1770 during the early Asian session on Monday, pressured by a renewed US Dollar demand. The Greenback gathers strength against the Euro as the conflict across the Middle East is heightening traders' anxiety, boosting the safe-haven currencies.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold seen through the roof as US, Israel and Iran war enters day 3

Gold is set for a huge bullish opening gap in Asian trading on Monday, with a flight to safety rush likely to sponsor the upsurge after the US and Israel struck Iran with heavy bombings over the weekend. More geopolitical headlines surrounding the Middle East conflict and Oil price movement remain in focus.

Iran escalation: Quick thoughts on markets

Markets are likely to open the week with risk-off, with declines led by airlines, cyclicals and trade-exposed names, while energy, defense and “strategic” sectors may be relatively steadier.

Oil at a critical breakpoint: Will geopolitics trigger the next major move?

The week ahead blends two powerful forces: moderating economic momentum and increasing geopolitical tension. While US and Eurozone data suggest steady but unspectacular growth, rising friction between the US and Iran is injecting a fresh risk premium into energy markets.

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