Climbs above 1.3100 as Fed rate cut speculation intensifies
The post Climbs above 1.3100 as Fed rate cut speculation intensifies appeared on BitcoinEthereumNews.com.
GBP/USD resumes uptrend, bouncing off 1.3114, with bullish momentum supported by a rising RSI. A break above 1.3150 could target 1.3200 and the September 6 high at 1.3239, followed by the YTD high of 1.3266. Downside risks include a drop below 1.3114, which would expose 1.3100, with further support at 1.3031. The GBP/USD edges higher during the North American session, registering gains of over 0.18%, due to increasing expectations that the US Federal Reserve could cut rates by 50 basis points next week. At the time of writing, the pair trades at 1.3147 after bouncing off daily lows of 1.3114. GBP/USD Price Forecast: Technical outlook The GBP/USD resumed its uptrend, as buyers stepped in once the pair hit a weekly low of 1.3001. Momentum is bullish, as depicted by the Relative Strength Index (RSI), aiming up after dipping to the 50 neutral line. This and further US Dollar weakness, paves the way for further upside. If GBP/USD climbs decisively above 1.3150, it will expose the psychological figure of 1.3200. Once surpassed, the next stop would be 1.3239, the September 6 high, ahead of the year-to-date (YTD) high of 1.3266. Conversely, if sellers drive price action below the 1.3114 daily low, this will expose 1.3100. On further weakness, the next support would be Thursday’s low of 1.3031. GBP/USD Price Action – Daily Chart Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%),…
Filed under: News - @ September 13, 2024 5:21 pm