Pound Sterling Price News and Forecast: GBP/USD remains supported above 1.2680

FXStreet Team FXStreet

GBP/USD remains on the defensive below the 1.2700 area, UK GDP eyed

The GBP/USD pair remains on the defensive around 1.2680 during the early Asian session on Friday. Market participants turn cautious ahead of the top-tier economic data released from the UK and US.

Market players anticipated that the UK could avoid the recession as the data shows inflationary pressures easing. The highlight of the day will be the UK monthly Gross Domestic Product (GDP) report on Thursday. The growth rate is expected to grow by 0.2% in June, compared to 0.1% prior. While the quarterly GDP is expected to stay at 0% versus 0.1% prior. Read more...

GBP/USD Price Analysis: Cable bears eye 1.2570 and UK GDP

GBP/USD remains on the back foot at the lowest level in a week, pressured near 1.2670 amid the early hours of Friday’s Asian session. In doing so, the Cable pair traders portray the cautious mood within a three-week-old bearish trend channel, despite holding lower grounds after declining in the last three consecutive days.

It’s worth noting that the Pound Sterling trader’s anxiety can be linked to Friday’s scheduled release of the first readings of the UK’s second quarter (Q2) Gross Domestic Product (GDP), expected 0.0% QoQ versus 0.1% prior, especially amid fears of British recession. Read more...

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EUR/USD appears supported by the 200-day SMA, for now

Following an early pullback to multi-week lows near 1.1670, EUR/USD now manages to reclaim the 1.1700 region as the NA session draws to a close on Monday. The steep retracement in spot follows the equally strong move higher in the US Dollar, as investors continue to assess the geopolitical landscape in the wake of the US and Israel attacks on Iran.

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 eases some ground, approaches $5,300

Gold now surrenders part of the earlier advance, reshifting its attenton to the $5,300 zone per troy ounce at the beginning of the week. Indeed, the yellow metal’s firm performance appears propped up by incresing geopolitical jitters in the Middle East, which at the same time fuels the demand for the safe-haven space.