Pound Sterling Price News and Forecast: GBP/USD kicks off the new week on a weaker note

FXStreet Team FXStreet

GBP/USD Weekly Forecast: Pound Sterling at risk as UK inflation to impact on BoE’s rate prospects

The Pound Sterling (GBP) booked the second straight weekly loss against the US Dollar (USD), sending the GBP/USD pair to the lowest level in a month below 1.3050.

A surprisingly strong United States (US) Nonfarm Payrolls (NFP) report for September suggested that the US labor market is in a healthier condition than initially feared, ruling out any possibility that the Federal Reserve (Fed) opting for a 50 basis points (bps) interest rate cut in November. Read more...

GBP/USD remains close to one-month low, seems vulnerable near mid-1.3000s

The GBP/USD pair struggles to capitalize on Friday's modest gains and attracts fresh sellers at the start of a new week. Spot prices currently trade around mid-1.3000s and remain close to a one-month low touched last Thursday amid a bullish US Dollar (USD).

The USD Index (DXY), which tracks the Greenback against a basket of currencies, stands tall near its highest level since mid-August as traders have priced out the possibility of further jumbo interest-rate cuts by the Federal Reserve (Fed) in November. This, along with persistent geopolitical risks stemming from the ongoing conflicts in the Middle East, turns out to be another factor benefiting the safe-haven buck and exerting some downward pressure on the GBP/USD pair. Read more...

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FXStreet

EUR/USD looks to regain the 200-day SMA

EUR/USD regains some balance and trade just above 1.1600 the figure ahead of the opening bell in Asia. The pair initially dipped to the 1.1530 zone for the first time since November, always following the stronger US Dollar and the marked flight-to-safety in the context of the ongoing Middle East crisis

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold bounces off lows, back above $5,100

Gold remains on the defensive, eroding part of the recent multi-day advance and managing to trade back above the $5,100 mark per troy ounce on Tuesday. The precious metal initially dropped just below the critical $5,000 threshold on the back of the persistent strength of the Greenback, higher US Treasury yields across the curve and investors' repricing of Fed rate cuts.