Pound Sterling Price News and Forecast: GBP/USD meets with a fresh supply

FXStreet Team FXStreet

GBP/USD Price Forecast: Bears have the upper hand while below 1.3000 mark

The GBP/USD pair attracts fresh sellers following the previous day's good two-way price move and slides closer to mid-1.2900s during the Asian session on Tuesday. Spot prices, however, hold above the lowest level since August 16 touched last week and remain at the mercy of the US Dollar (USD) price dynamics.

Bets for a less aggressive policy easing by the Federal Reserve (Fed) assist the USD in stalling its overnight pullback from a three-month peak and drag the GBP/USD pair lower. Apart from this, rising bets for more interest rate cuts by the Bank of England (BoE) in November and December suggest that the path of least resistance for spot prices remains to the downside. Read more...

GBP/USD holds below 1.3000 as traders brace for US GDP, employment data

The GBP/USD pair trades with mild losses near 1.2970 on Tuesday during the early Asian session. The US Dollar Index (DXY) currently trades flat around 104.30 after reaching a three-month high of 104.57 in the previous session. Traders might prefer to wait on the sidelines ahead of the key US economic data this week.

The encouraging US economic data last week suggests that the US economy remains resilient, lifting the Greenback. The advanced US Q3 Gross Domestic Product (GDP) and the October Nonfarm Payrolls (NFP) this week will be closely watched as they might offer some hints about the size and speed of the US Federal Reserve’s (Fed) rate cuts. US rate futures have priced in 96.8% odds that the Fed will cut rates by 25 basis points (bps) in November, according to the CME FedWatch tool. Read more...

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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 slips below key averages as geopolitical risks mount

GBP/USD fell about 0.35% on Tuesday, settling around 1.3350 after slipping below the 200-day Exponential Moving Average for the first time since early December. The pair has pulled back sharply from its late-January high near 1.3870, shedding over 500 pips in a series of lower highs and lower lows.

Gold falls to near $5,100 as inflation fears weigh amidst Middle East conflict

Gold price faces some selling pressure near $5,100 during the early Asian session on Wednesday. The precious metal falls amid a renewed US Dollar demand and dimming prospects for US rate cuts. The US ISM Services Purchasing Managers Index report will be published later on Wednesday.