GBP/USD pauses after sell-off on Middle East crisis inspired USD haven demand
GBP/USD stalls and seesaws between tepid gains and losses in the 1.3280s on Wednesday after falling a whole cent on the previous day, when the US Dollar (USD) strengthened as a result of a rise in safe-haven flows due to an escalation of the conflict in the Middle East.
Despite recent losses, the GBP/USD is in an overall uptrend, which has seen it gain almost 5.0% from the early August lows. Read more...
GBP/USD Forecast: Pound Sterling could stretch lower in case 1.3250 support fails
GBP/USD turned south on Tuesday and lost nearly 0.7% on a daily basis. The pair edges higher toward 1.3300 in the European session on Wednesday but the technical outlook is yet to highlight a buildup of recovery momentum.
Following a bullish start to the week, the US Dollar (USD) continued to gather strength on Tuesday, forcing GBP/USD to push lower. The risk-averse market atmosphere amid escalating geopolitical tensions helped the USD outperform its rivals. Meanwhile, the US Bureau of Labor Statistics reported that the number of job openings on the last business day of August stood at 8.04, up from 7.71 million in July and above the market expectation of 7.65 million, further supporting the USD. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD remains resilient in risk-off mood
The AUD/USD registers minimal losses against the Greenback late during Wednesday’s North American session after hitting a daily high of 0.6915. Risk aversion boosted the prospects of safe-haven currencies, due to the likelihood of Israel retaliating after Iran’s missile attack on Tuesday.
USD/JPY skyrockets over 200-pips on Japan’s PM comments
The Greenback recovered against the Japanese Yen on Wednesday, rallying over 2% after Japanese Prime Minister Ishiba commented the economic environment is not ready for additional rate hikes. The USD/JPY jumped off daily lows of around 143.42 and soared sharply toward current exchange rates.
Gold declines amid rising US yields, as Israel vows retaliation
Gold retreated on Wednesday during the North American session and dropped 0.50% daily as traders eyed Israel's reaction to Iran’s attack on Tuesday. Geopolitics remains the driver for traders, which lifted Gold prices after posting back-to-back bearish sessions since last Friday.
Is Bitcoin a safe haven amid Middle East tensions? Here's what you need to know
Following Bitcoin's 6% decline since Iran's missile attack on Israel, several investors are questioning whether the cryptocurrency's alleged "safe haven" status still holds.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.