Pound Sterling rebounds, though risk-off mood keeps downside bias intact

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling struggles to gather recovery momentum

GBP/USD reversed its direction and turned positive on the day near 1.2450 after falling to a fresh multi-month low below 1.2400 earlier in the day. The cautious market stance could make it difficult for GBP/USD to stretch higher ahead of the weekend.

In the Asian trading hours, the US Dollar (USD) gathered strength against its rivals as investors sought refuge following reports of Israeli missiles striking Iran. Israel has not officially confirmed the news but several outlets reported that US officials said that Israel was behind the attack. Read more...

GBP/USD edges higher after flat Retail Sales

The British pound dipped 0.30% earlier today but has managed to recover the losses. In the European session, GBP/USD is trading at 1.2451, up 0.12%.

The UK release retail sales were flat in March, after a revised 0.1% gain in February and missing the market estimate of 0.3%. Fuel sales were higher but were offset by weaker food sales. This was a disappointment for retailers as hopes that the Easter holiday would boost March sales failed to materialize. On a yearly basis, retail sales rose 0.8%, up from a revised -0.3% in February and just above the market forecast of 0.7%. Read more...

Pound Sterling rebounds, though risk-off mood keeps downside bias intact

The Pound Sterling (GBP) finds a temporary support near almost five-month low around 1.2400 against the US Dollar in Friday’s London session. The US Dollar Index (DXY) struggles to sustain above the crucial support of 106.00 despite Federal Reserve (Fed) policymakers maintaining hawkish guidance on interest rates.

On Thursday, Atlanta Fed President Raphael Bostic said progress in inflation towards the 2% target will be slower than expected. Bostic also said he is comfortable with interest rates remaining high as labor demand is robust and wage growth remains resilient. Read more...

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EUR/USD trims losses, back to 1.1830

EUR/USD manages to regain some composure, leaving behind part of the earlier losses and reclaim the 1.1830 region on Tuesday. In the meantime, the US Dollar’s upside impulse loses some momentum while investors remain cautious ahead of upcoming US data releases, including the FOMC Minutes.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold loses further momentum, approaches $4,800

Gold recedes to fresh two-week troughs around the $4,800 region per troy ounce on Tuesday. The precious metal builds on Monday’s downtick following a marked rebound in the US Dollar and mixed US Treasury yields across the board.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.