Pound Sterling Price News and Forecast: GBP/USD trades on a softer note around 1.2685

FXStreet Team FXStreet

GBP/USD Price Analysis: The potential upside barrier is seen at the 1.2700-1.2710 zone

The GBP/USD pair snaps the two-day winning streak during the early European session on Tuesday. The major pair edges lower amid the modest recovery of the US Dollar (USD). February’s labor market report this week will be a closely watched event. At press time, GBP/USD is trading at 1.2685, down 0.03% on the day.

From a technical perspective, the bullish outlook of GBP/USD remains intact as the major pair is above the key 100-period Exponential Moving Average (EMA) on the four-hour chart. It’s worth noting that the Relative Strength Index (RSI) lies above the 50 midlines, indicating the path of least resistance is to the upside. Read more...

GBP/USD grapples with 1.2700 handle as markets bid into a hefty trading week

GBP/USD climbed into the 1.2700 handle on Monday before falling back, paring away some of the day’s gains but hitting the rollover higher than it started.

The UK sees only a thin showing on the economic calendar this week, and another US Nonfarm Payrolls (NFP) labor print on Friday sees investors gearing up for another kick at the can on how soon the Federal Reserve (Fed) will begin cutting interest rates. Read more...

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EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.