Pound Sterling Price News & Forecast: GBP/USD edges higher to around 1.3385

FXStreet Team FXStreet

British Pound nudges higher above 1.3350 despite Middle East turmoil

The GBP/USD pair rebounds to near 1.3385 during the Asian trading hours on Thursday. However, the potential upside for the major pair might be limited amid cooler-than-expected UK inflation data and escalating tensions in the Middle East. Traders will take more cues from the UK Retail Sales report, which is due later on Friday.

The UK headline Consumer Price Index (CPI) inflation slowed to 2.6% YoY in June, the lowest since March 2025, down from 2.8% in May, according to the Office for National Statistics (ONS) on Wednesday. This figure came in softer than the market expectations of 2.7% growth. Read more...

A cooler inflation print buys British Pound Sterling nothing but a slower decline

The Pound's week-long slide slowed to a crawl on Wednesday, and it picked an odd session to do so, because the June inflation report handed sellers their cleanest argument yet. GBP/USD tagged the 1.3350 area in early New York trade, its weakest level in over a week, and now sits between that floor and the converged moving-average band just below 1.3400, on track for a fifth straight daily decline measured in single-digit pips.

The Office for National Statistics put headline Consumer Price Index (CPI) inflation at 2.6% YoY for June, under the 2.7% consensus, down from 2.8% in May and the lowest annual rate since March 2025. Services inflation eased to 3.6% from 3.7%, the monthly gain ran at just 0.1%, and transport and food did most of the downward work, precisely the categories a war-supply shock was supposed to keep hot. Read more...

British Pound steadies as cooler UK CPI meets Oil shock

The Pound Sterling holds firm during the North American session as UK inflation data dipped, easing pressure on the Bank of England to tackle higher prices, while attacks between the US and Iran don’t seem to be ending in the Middle East. The GBP/USD trades at 1.3377.

During the European session, UK inflation data for June dipped from 2.8% to 2.6% YoY. The core Consumer Price Index (CPI) remained steady at 2.6% YoY for the same period. Even though this relieves the BoE, traders continued to price in an 82% chance for a rate hike by the November 5 meeting, according to Prime Terminal data. Read more...

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