Pound Sterling Price News and Forecast: GBP/USD surrenders its modest intraday gains

FXStreet Team FXStreet

GBP/USD Price Analysis: Finds offers near trendline and 100-MA confluence at 1.1950

The GBP/USD pair is displaying a lackluster performance in the early Tokyo session as the traded range is peanuts against usual. After a volatile Wednesday, the cable looks to turn sideways to ease-off standard deviation first and then will look for a decisive move. On a broader note, after surrendering the psychological support of 1.2000, odds are favoring for a downside bias. Therefore, investors should take more precautions on taking longs.

The greenback bulls have comfortably defended the confluence of the downward sloping trendline plotted from June 27 high at 1.2324 and the 100-period Simple Moving Average (SMA) near 1.1950.

GBP/USD bears keep reins below 1.1900 amid recession fears, UK’s political crisis

GBP/USD fades bounce off intraday low while also reversing the previous day’s rebound as sellers dominate around 1.1865 during early Thursday morning in Europe. The Cable pair cheered upbeat UK data the previous day but lost the battle against the 40-year high US inflation and hawkish Fedspeak. Also weighing the pair is the political crisis in the UK after Boris Johnson resigned.

The higher-than-expected monthly prints of the British Gross Domestic Product (GDP), Industrial Production and Manufacturing Production for May favored the GBP/USD buyers the previous day. That said, softness in the trade deficit for the said month also helped the Cable buyers to mark a surprise entry.

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY approaches 158.00 as Japanese Yen resumes decline

USD/JPY is resuming its upside in the European session on Friday, refreshing two-week highs and nearing 158.00. The Japanese Yen extends losses, despite the Bank of Japan's (BoJ) expected rate hike to 1.25% and hawkish Governor Ueda's comments, as two surprise dissents against the rate hike weigh on it.

Gold keeps the bid tone in place; still below $4,400

Gold adds to the optimism seen in the second half of the week, trading with decent gains just below the $4,400 mark per troy ounce on Friday. The precious metal’s advance finds traction in declining crude oil prices and fresh selling pressure on the US Dollar.

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

BoJ Recap: Not as hawkish as expected

The BoJ raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks. Governor Kazuo Ueda said the policy phase had changed.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.