GBP/USD rises as Iran talk hopes weigh on US Dollar demand today
GBP/USD advances on Friday as improved risk appetite weighed on the US Dollar’s safety appeal amid growing speculation that a second round of talks between the US and Iran looms. A three-week extension of the ceasefire between Israel and Lebanon added to traders’ optimism.
The GBP/USD trades at 1.3498, up by 0.24% after bouncing off daily lows of 1.3453, amid renewed hopes for an end to the conflict between the US and Iran. Read more…
GBP/USD: Retail data underpins modest upside – Scotiabank
Scotiabank strategists Shaun Osborne and Eric Theoret note that stronger-than-expected United Kingdom (UK) Retail Sales, driven largely by fuel purchases, have supported the Pound (GBP), though broader UK data still point to a softer growth outlook. Short-term GBP/USD technicals are described as neutral to bullish, with a developing base pattern and clearly defined support and upside levels that could guide near-term price action.
“UK Retail Sales rose a stronger than expected 0.7% in March, largely reflecting purchases of fuel as prices rose in response to conflict in the Middle East.” Read more…
GBP/USD Price Forecast: Attracts bids near 20-day EMA as US Dollar corrects
The GBP/USD pair recovers its early losses and turns positive around 1.3490 during the European trading session on Friday. The Cable gains as the US Dollar (USD) corrects after a three-day winning streak. As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.1% lower to near 98.70.
The US Dollar comes under pressure ahead of the United States (US) markets opening; however, the broader outlook of the currency remains firm as oil prices remain higher amid fears of a prolonged closure of the Strait of Hormuz, a critical passage to almost 20% of global energy supply. Read more…
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