Pound Sterling Price News and Forecast: GBP/USD retreats but clings to bullish stance [Video]

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling retreats but clings to bullish stance

After rising to a fresh multi-month high near 1.2970 on Tuesday, GBP/USD corrects lower and trades below 1.2950 in the European session on Wednesday. The positive shift seen in risk mood, however, could help the pair hold its ground in the near term.

The Trump administration's global 25% tariffs on steel and aluminum imports went into effect on Wednesday. Following this development, UK Trade Minister Jonathan Reynolds said they are negotiating a wider economic agreement to eliminate additional tariffs. "We will keep all options on the table and won't hesitate to respond in the national interest," Reynolds added. Read more...

GBP/USD extending higher in wave five impulse [Video]

Short term Elliott Wave view in GBP/USD suggests cycle from 2.3.2025 low is in progress as an impulse. Up from 2.3.2025 low, wave ((i)) ended at 1.2679 s the 1 hour chart below shows. Wave ((ii)) pullback unfolded as an expanded Flat Elliott Wave structure. Down from wave ((i)), wave (a) ended at 1.2603 and wave (b) ended at 1.2716. Wave (c) lower ended at 1.2557 which completed wave ((ii)) in higher degree. Up from there, wave (i) ended at 1.2614 and wave (ii) ended at 1.258. Wave (iii ) higher ended at 1.292 and wave (iv) ended at 1.286. Wave (v) ended at 1.294 which completed wave ((iii)). Read more...

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