Pound Sterling Price News and Forecast: GBP/USD sellers refuse to give in

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling sellers refuse to give in

GBP/USD trades in a tight channel at around 1.2900 in the European morning on Friday after closing deep in the red on Thursday. The pair remains technically bearish as investors await October labor market data from the US.

Although mixed macroeconomic data releases from the US made it difficult for the US Dollar (USD) to gather strength, GBP/USD struggled to find a foothold as safe-haven flows dominated the action in financial markets on Thursday. Read more...

GBP/USD Forecast: Pound Sterling struggles to attract bulls

GBP/USD lost its traction and closed in negative territory on Wednesday. The pair trades marginally higher early Thursday but remains below 1.3000. Rising United Kingdom (UK) gilt yields following the announcement of the UK Autumn Budget help Pound Sterling stay resilient against its rivals in the European morning session. The 2-year gilt yield rose to its highest level since mid-July and the 20-year yield reached a one-year top above 4.8% as markets opened on Thursday.

Assessing how the UK fiscal policy could influence the Bank of England's (BoE) policy outlook, Danske Bank analysts said in a report published on Wednesday: "We have long argued that a more expansionary budget could trim markets' expectation for a December cut, which today's events have provided support for." Read more...

Author

FXStreet Team

FXStreet

EUR/USD falls to near 1.1600 due to persistent bearish bias

EUR/USD depreciates after registering modest gains in the previous session, trading around 1.1610 during the Asian hours on Thursday. The technical analysis of the daily chart suggests a persistent bearish bias as the EUR/USD pair remains within the descending channel pattern.

GBP/USD underperforms as UK faces stagflation risks amid Middle East war

The Pound Sterling trades lower against its major currency peers, is down 0.22% around 1.3340 against the US Dollar, during the Asian trade on Thursday. The British currency faces selling pressures amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, a situation in which inflation accelerates with economic growth and employment conditions remaining stagnant.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Bittensor extends recovery despite retail demand slump

Bittensor, a leading Artificial Intelligence token, is aging up above $190 at the time of writing on Wednesday. Steady price increases characterise the broader crypto market, with Bitcoin holding above $71,000 and Ethereum above $2,000.