Pound Sterling Price News and Forecast: GBP/USD rises above 1.30 and hits new 2024 high

FXStreet Team FXStreet

GBP/USD outlook: Cable rises above 1.30 and hits new 2024 high

Cable surged through psychological 1.30 barrier and hit its highest in one year on Wednesday, after hotter than expected UK June inflation data tempered expectations for first BoE rate cut in next month policy meeting.

Fresh strength after a two-day pause for consolidation signals continuation of broader uptrend however, close above 1.30 level is required to confirm signal and focus targets at 1.3050 and 1.3100/20. Read more...

GBP/USD at one-year high as UK CPI remains at 2%

The British pound continues to roll and is up for a sixth straight day. GBP/USD is trading at 1.3038 in the European session, up 0.51% on the day. The pound has sparkled in July, climbing 3% and hitting its highest level since July 2023.

UK consumer inflation remained at 2% y/y in July, unchanged from June. This was higher than the market estimate of 1.9% but it’s hard to complain when inflation is at the BoE’s 2% target for two months running. Monthly, inflation dipped to 0.1%, down from 0.3% a month earlier, and matching the market estimate. Core inflation rose 3.5% y/y, unchanged from June and matching the market estimate. Monthly, core inflation dropped from 0.5% to 0.2%, below the market estimate of 0.1%. Read more...

GBP/USD Forecast: Pound Sterling looks to clear 1.3000 after UK inflation data

Following Tuesday's indecisive action, GBP/USD gained traction in the European morning and touched its highest level in a year above 1.3000. The pair could extend its uptrend once it confirms this level as support.

The data published by the UK's Office for National Statistics showed early Wednesday that annual inflation, as measured by the change in the Consumer Price Index (CPI), remained unchanged at 2% in June as expected. In the same period, the core CPI rose 3.5%, matching analysts' estimate and May's increase. Services prices, which have been the sticky part of inflation, rose 5.7% on a yearly basis following the 5.6% increase recorded in May. Read more...

Author

FXStreet Team

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD falls toward 1.1700 on broad USD recovery

EUR/USD turns south and declines toward 1.1700 on Wednesday. The US Dollar gathers recovery momentum and forces the pair to stay on the back foor, as traders look to USD short-covering ahead of US inflation report on Thursday. However, the downside could be capped by hawkish ECB expectations.

GBP/USD trades deep in red below 1.3350 after soft UK inflation data

GBP/USD stays under strong selling pressure midweek and trades below 1.3350. The UK annual headline and core CPI rose by 3.2% each, missing estimates of 3.5% and 3.4%, respectively, reaffirming dovish BoE expectations and smashing the Pound Sterling across the board ahead of Thurday's BoE policy announcements.

Gold clings to moderate daily gains above $4,300

Following Tuesday's volatile action, Gold regains its traction on Wednesday and trades in positive territory above $4,300. While the buildup in the USD recovery momentum caps XAU/USD's upside, the cautious market stance helps the pair hold its ground.