Pound Sterling Price News and Forecast: GBP/USD retraces its recent losses

FXStreet Team FXStreet

GBP/USD inches higher to around 1.2620, US market will observe the Presidents’ Day holiday

The GBP/USD trends upwards as the US Dollar (USD) experiences downward pressure, influenced by market sentiment leaning towards the anticipation of a Federal Reserve rate cut in the upcoming March meeting. This sentiment was reinforced when former Fed official James Bullard suggested at the National Association for Business Economics (NABE) conference that the Fed should consider lowering interest rates to prevent hindering economic activity due to higher rates. During Asian trading hours on Monday, the GBP/USD pair trades higher around 1.2620.

Furthermore, UK housing data indicated an improvement annually in domestic property prices, which may have provided some support to the GBP/USD pair. The UK Rightmove House Price Index (YoY) saw an increase of 0.1% in February compared to the previous decline of 0.7%. However, the monthly report showed a contraction, with February's growth at 0.9% compared to the previous rise of 1.3%. Read more...

GBP/USD Weekly Forecast: Can Pound Sterling stage a steady rebound?

The Pound Sterling (GBP) continued to remain in the back seat against the US Dollar (USD), as GBP/USD extended its bearish momentum into the fifth week in a row.

The price action around the GBP/USD pair was mainly driven by a host of top-tier economic data releases from the United States (US) and the United Kingdom (UK), which helped reprice the markets’ expectations of a dovish policy pivot by the US Federal Reserve (Fed) and the Bank of England (BoE). Read more...

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FXStreet Team

FXStreet

EUR/USD: Breakdown below trading range support near 1.1770 comes into play

The EUR/USD pair opens with a bearish gap at the start of a new week as the US-Iran war-led global flight to safety boosts the US Dollar. Spot prices, however, lack follow-through selling and manage to hold above mid-1.1700s during the Asian session.

GBP/USD targets 1.3500 barrier near moving averages

GBP/USD rebounds from the daily losses, trading around 1.3450 during the Asian hours on Monday. The technical analysis of the daily chart indicates an ongoing bearish bias, as the pair trades within a descending channel pattern.

Gold retreats from $5,400; still up over 1% amid Middle East tensions

Gold retreats from the $5,400 neighborhood, or its highest level since late January, touched in the Asian session on Monday, though it manages to hold above the $5,300 round figure. The bright metal opened with a bullish gap of about $17 and rallied toward the $5,400 level as Asian traders hit their desks and reacted negatively to the weekend news of the US and Israel attacks on Iran, rushing for cover in Gold.

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Altcoins such as Tezos, Toncoin, and Polkadot rank among the worst hit cryptocurrencies over the last 24 hours amid the US and Israel's attack on Iran. Tezos and Toncoin are down to crucial support levels while Polkadot remains near a crucial resistance trendline, showcasing underlying strength.

The market is paying for insurance, not apocalypse

As expected, this morning felt less like a Monday market open and more like a fire drill. Futures screens flickered red. S&P contracts down almost 1%. Nasdaq off 1.2%. Brent leaped 13% through $80. Gold rose 1.6% toward $5350 before paring some gains. The dollar is strutting mildly. The Swiss franc is quietly doing what it always does in a storm, catching some safe-haven flows.

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