Pound Sterling Price News and Forecast: GBP/USD retreats after facing a wall of resistance in 1.2400

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GBP/USD retreats after facing a wall of resistance in 1.2400, slips to 1.2370s

GBP/USD snaps two days of gains and tumbled below Thursday’s close of 1.2406, slumping toward 1.2370, amidst a choppy trading session. Inflation data revealed in the United States (US) augmented the likelihood of small-size rate hikes by the US Federal Reserve. Therefore, the GBP/USD is trading at 1.2372, below its opening price by 0.27%. Read More...

GBP/USD hangs near daily low, well offered below 1.2400 ahead of US PCE Price Index

The GBP/USD pair continues with its struggle to find acceptance above the 1.2400 mark and comes under some selling pressure on the last day of the week. The pair remains on the defensive through the first half of the European session and is currently placed around the 1.2380-1.3375 region, just a few pips above the daily low. Read More...

UK Hunt: Best tax cut right now is a cut in inflation

The UK Chancellor of the Exchequer Jeremy Hunt said on Friday that the “best tax cut right now is a cut in inflation.” Read More...

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FXStreet Team

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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 holds range near 1.3500 after UK Q2 GDP beat

GBP/USD keeps its range near the 1.3500 psychological mark in the European session on Thursday. The UK GDP data beat estimates across the time horizon but failed to inspire the British Pound. Meanwhile, the US Dollar stabilizes after the US CPI data-led sell-off, checking any upside attempts in the pair.

EUR/USD advances as US Dollar weakens amid cooling Inflation

EUR/USD halts its three-day losing streak, trading around 1.1530 during the Asian hours. The currency pair gains ground as the US Dollar faces challenges following the release of July's Consumer Price Index report. Inflation in the US moderated across a broad range of goods and services, which significantly cooled expectations for an aggressive Federal Reserve rate hike in September.

Gold retreats from June 5 high amid oil-driven Fed rate-hike bets

Gold retreats after touching a fresh high since June 5, around the $4,450 area, during the Asian session, and is currently placed near the lower end of its daily range. The immediate market reaction to signs of moderating US inflation seems to have faded amid expectations that higher energy prices will rekindle inflationary pressures.

Ripple and Stellar outlook: Stay under pressure as cautious sentiment builds

Ripple and Stellar remain under pressure, with both altcoins correcting slightly so far this week. XRP nears the key $1.00 support zone on Thursday, while XLM trades below critical technical levels. Mixed derivatives and on-chain metrics suggest cautious sentiment, leaving both tokens vulnerable to further downside while offering hope for a potential recovery.

Gold has priced a Fed pause. The hike is still coming

July inflation landed exactly where the consensus had it, on all four lines of the release, and Gold responded by adding around 1% and holding fast near $4,400/ounce, trading at its highest since early June. A print that surprises nobody is not supposed to move a metal that far.

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.