Pound Sterling Price News and Forecast: GBP/USD trims losses around 1.2840

FXStreet Team FXStreet

GBP/USD Price Analysis: Holds ground near 1.2850; next barrier at the upper boundary

GBP/USD retraces its recent losses, trading around 1.2840 during the Asian hours on Wednesday. The analysis of the daily chart indicates that the pair is positioned in the narrow section of a descending channel, suggesting a consolidation phase or a potential reversal.

The Moving Average Convergence Divergence (MACD), a momentum indicator, shows a weakening of bullish momentum as the MACD line is below the signal line but above the centreline. Additionally, the 14-day Relative Strength Index (RSI) sits slightly below the 50 level, suggesting a bearish bias. Read more...

GBP/USD holds below 1.2850, all eyes on Fed rate decision

The GBP/USD pair remains on the defensive near 1.2840 during the early Asian trading hours on Wednesday. The markets might turn cautious ahead of the Federal Reserve (Fed) Interest Rate Decision on Wednesday, followed by the Bank of England (BoE) policy meeting on Thursday.

The Fed is expected to hold interest rates steady at its July monetary policy meeting on Wednesday. The US central bank has been holding its benchmark funds rate in a range of 5.25-%-5.50% since July 2023, making the longest period of restrictive monetary policy in decades. Read more...

GBP/USD Price Analysis: Dips on strong US data approach 1.2800

The Pound Sterling dropped early during the North American session after economic data from the United States (US) came stronger than expected, highlighting a modestly tight labor market. Therefore, the GBP/USD edges down some 0.20% and trades at 1.2827 after hitting a daily high of 1.2866.

The GBP/USD extends its losses after peaking at a year-to-date (YTD) high of 1.3043, with buyers unable to fight back and lift the exchange rate above the previous cycle high seen on March 8 at 1.2893. Once the pair cleared the latter, the losses continued to pile up, with market participants eyeing a test of the 50-day moving average (DMA) at 1.2781. Read more...

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EUR/USD deflates to fresh lows, targets 1.1600

The selling pressure on EUR/USD now gathers extra pace, prompting the pair to hit fresh multi-week lows in the 1.1625-1.1620 band on Friday. The continuation of the downward bias comes in response to further gains in the US Dollar as market participants continue to assess the mixed release of US Nonfarm Payrolls in December.

GBP/USD breaks below 1.3400, challenges the 200-day SMA

GBP/USD remains under heavy fire and retreats for the fourth consecutive day on Friday. Indeed, Cable suffers the strong performance of the Greenback, intensified post-mixed NFP, and trades at shouting distance from its critical 200-day SMA near 1.3380.

Gold flirts with yearly tops around $4,500

Gold keeps its positive bias on Friday, adding to Thursday’s advance and challenging yearly highs in the $4,500 region per troy ounce. The risk-off sentiment favours the yellow metal despite the firmer tone in the Greenback and rising US Treasury yields.