Pound Sterling Price News and Forecast: GBP/USD bounces off its lowest level since mid-May

FXStreet Team FXStreet

GBP/USD Price Analysis: Edges higher amid modest USD downtick, not out of the woods yet

The GBP/USD pair attracts some buyers near the 1.2615-1.2610 area, or its lowest level since mid-May touched during the Asian session on Thursday and reverses a part of the previous day's steep decline. Spot prices currently trade around the 1.2630 area, up less than 0.10% for the day, as traders now look to the key US macro data before positioning for the next leg of directional bets.

In the meantime, the US Dollar (USD) is seen retreating from a nearly two-month high touched on Wednesday and acting as a tailwind for the GBP/USD pair. That said, elevated US Treasury bond yields, bolstered by expectations that the Federal Reserve (Fed) is in no rush to start its rate-cutting cycle, should help limit losses for the buck. Apart from this, rising bets for a rate cut by the Bank of England (BoE) in August could undermine the British Pound (GBP) and further contribute to capping the GBP/USD pair ahead of the UK general election on July 4. Read more...

GBP/USD slumps to familiar lows in midweek action as Greenback bids reignite

GBP/USD backslid into familiar near-term lows on Wednesday as tepid market flows bolstered the US Dollar. The Pound Sterling remained pinned on the low side as the pair struggled to stay above 1.2600.

Wednesday brought little of note in scheduled releases, with the UK absent from the economic calendar and US New Home Sales Change in May clocking in a -11.3% decline MoM compared to the previous month’s 2.0%, revised sharply from the initial print of -4.7%. Read more...

Author

FXStreet Team

FXStreet

EUR/USD falls to near 1.1600 due to persistent bearish bias

EUR/USD depreciates after registering modest gains in the previous session, trading around 1.1610 during the Asian hours on Thursday. The technical analysis of the daily chart suggests a persistent bearish bias as the EUR/USD pair remains within the descending channel pattern.

GBP/USD underperforms as UK faces stagflation risks amid Middle East war

The Pound Sterling trades lower against its major currency peers, is down 0.22% around 1.3340 against the US Dollar, during the Asian trade on Thursday. The British currency faces selling pressures amid fears that the United Kingdom economy could face stagflation risks due to higher energy prices, a situation in which inflation accelerates with economic growth and employment conditions remaining stagnant.

Gold climbs near $5,200 as Iran war fuels safe-haven demand

Gold price extends its gains for the second successive session on Thursday as traders seek safety amid the ongoing war in the Middle East. US and Israeli strikes across Iranian territory and widespread Iranian missile and drone retaliation across the Middle East, including attacks on regional targets and military sites, prolong the crisis and its impact.

Top Crypto Gainers: Decred, Zcash, and Dogecoin lead recovery as Bitcoin crosses $72,000

Bitcoin trades above $72,500 at press time on Thursday, holding its 6% gain from the previous day, contributing to a broader market recovery. The total cryptocurrency market capitalization stands at over $2.43 trillion as the broader market sentiment improves significantly.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Cardano Price Analysis: Approaches key trendline amid bearish sentiment

Cardano (ADA) price is approaching its descending trendline around $0.28 at the time of writing, set to shape the next directional move. The derivatives metrics paint a bearish picture, with ADA’s Open Interest continuing to fall and short bets rising among traders.