Pound Sterling Price News and Forecast: GBP/USD remains under some selling pressure on Friday

FXStreet Team FXStreet

GBP/USD Price Analysis: Needs to find acceptance above 1.2800 for bulls to seize control

The GBP/USD pair trades with a negative bias for the second straight day on Friday, albeit manages to hold its neck above the previous day's swing low. Spot prices currently hover around the mid-1.2700s and seem poised to register modest weekly gains amid subdued US Dollar (USD) price action.

Against the backdrop of the Federal Reserve's (Fed) hawkish stance, the emergence of fresh selling around the Japanese Yen (JPY), triggered by the Bank of Japan's (BoJ) inaction, lends some support to the USD and weighs on the GBP/USD pair. That said, signs of easing inflationary pressures in the US keep hopes alive for a September Fed rate cut, which should cap the USD and act as a tailwind for the currency pair. Read more...

GBP/USD weakens below 1.2800 as Fed pencils just one rate cut this year

The GBP/USD pair edges lower near 1.2760 after three consecutive sessions of gain during the early Asian session on Friday. The recovery of the USD Index (DXY) above the 105.00 barrier weighs on the major pair. Later on Friday, the preliminary US Michigan Consumer Sentiment report is due, followed by a speech by Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee.

The US Fed signaled that it will cut its key interest rate just once by 25 basis points (bps) toward the end of 2024 despite inflation easing, according to the dot plot. The Fed's revised projections have lifted the Greenback across the board and created a headwind for GBP/USD despite the weaker-than-expected US economic data released on Thursday. Read more...

GBP/USD

Overview
Today last price	1.275
Today Daily Change	-0.0012
Today Daily Change %	-0.09
Today daily open	1.2762

Trends
Daily SMA20	1.2744
Daily SMA50	1.2612
Daily SMA100	1.264
Daily SMA200	1.255

Levels
Previous Daily High	1.2808
Previous Daily Low	1.2738
Previous Weekly High	1.2818
Previous Weekly Low	1.2695
Previous Monthly High	1.2801
Previous Monthly Low	1.2446
Daily Fibonacci 38.2%	1.2765
Daily Fibonacci 61.8%	1.2781
Daily Pivot Point S1	1.2731
Daily Pivot Point S2	1.27
Daily Pivot Point S3	1.2662
Daily Pivot Point R1	1.2801
Daily Pivot Point R2	1.2839
Daily Pivot Point R3	1.287

Author

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 flirts with tops near 1.3470

GBP/USD manages to regain composure and challenge the area of daily highs around 1.3470 on Friday. Cable picks up pace despite marginal gains in the Greenback in a context of swelling geopolitical tensions and rising global oil prices.

EUR/USD trims losses, back above 1.1500

EUR/USD picks up some pace and bouces off earlier lows, reclaiming the 1.1500 threshold and beyond at the end of the week. The pair’s modest pullback follows a persistent risk-averse market mood and renewed buying interest for the US Dollar.

Gold: The $4,000 mark holds the downside for now

Gold faces renewed selling pressure, falling sharply toweard the $4,000 mark per troy ounce as the US Dollar regains momentum. Escalating US-Iran tensions are keeping inflation concerns and expectations of further Fed rate hikes alive, weighing further on the yellow metal.

Bitcoin eyes 50-day EMA breakout, Ethereum consolidates, XRP steadies

Bitcoin, Ethereum, and Ripple trade near key technical levels on Friday as the broader cryptocurrency market pauses following last week's recovery. BTC is approaching the 50-day Exponential Moving Average while ETH continues to consolidate between two major EMAs.

Warsh needs to restore his reputation

We were glad to see our deeply negative reaction to the Warsh press conference was not some personal peculiarity. Just about everybody in the financial press felt the same way. The consensus is building it’s not the Fed in the dog-house but only Warsh. Today the WSJ changed it tune and blasted Warsh—"the honeymoon is already over..”

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.