GBP/AUD Exchange rate

Bitcoin breaks above the key milestone level on Friday, setting a new all-time high of $119,999, with no signs of slowing. The technical outlook supports further gains as momentum indicators remain robust and price action firmly in price discovery mode, with the next potential target above $130,000.

The EUR/USD pair trades with caution around 1.1670 during the Asian trading session on Monday. The major currency pair faces selling pressure as the Euro slightly underperforms its peers, following the imposition of 30% tariffs by US President Donald Trump on imports from the European Union, which will become effective from the August 1.

The GBP/USD pair enters a bearish consolidation phase during the Asian session and oscillates in a narrow band around the 1.3500 psychological mark, just a few pips above a three-week low touched on Friday. Moreover, the fundamental backdrop suggests that the path of least resistance for spot prices remains to the downside.

Gold price eases from a multi-week top, though the downside potential seems limited. Reduced Fed rate cut bets underpin the USD and act as a headwind for the commodity. Rising trade tensions should limit any further losses for the safe-haven precious metal.

Meme coins Bonk, Dogwifhat, and Floki are positioned to extend gains as the weekly recovery reaches crucial resistance levels. The meme coins gain bullish momentum on the back of Bitcoin’s (BTC) recovery run, hitting a new all-time high on Thursday.