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GBP/USD Price Analysis: Holds below 1.2800, bearish bias remains intact The GBP/USD pair trades with mild losses near 1.2770 during the Asian trading hours on Tuesday. The modest recovery of the US Dollar (USD) helps limit the pair’s losses after retracing to 1.2710 in the previous session.   According to the 4-hour chart, the major pair keeps the bearish vibe unchanged, with the price holding below the key 100-period Exponential Moving Average (EMA). The downward momentum is also supported by the Relative Strength Index (RSI) which stands below the 50-midline near 44.0, supporting the sellers for the time being. Read more… GBP/USD falters on uneasy market flows but holds in midrange GBP/USD kicked off the new trading week with a fresh plunge on Monday, falling into familiar lows just north of 1.2700 before recovering ground to end the day close to where it started just below the 1.2800 handle. Markets reversed course and piled into the Greenback in early trading after more US data came in below expectations, hardening broad-market bets of an accelerated pace of rate cuts from the Federal Reserve (Fed) through the rest of the year. According to the CME’s FedWatch Tool, rate markets are pricing in nearly 85% odds of a double-cut from the Fed on September 18th for 50 basis points after US data took a turn on Friday and further mixed prints on Monday. The rest of the trading week offers a light affair on the economic data docket, giving markets some breathing room and some time to chew on current positioning. Read more… GBP/USD Price Analysis: Slips below 1.2800 amid market turmoil The Pound Sterling edges lower after trimming some of its earlier losses due to a bloodbath in the financial markets, led by Asian equities, which triggered circuit breakers halting trading as…

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Filed under: News - @ August 6, 2024 5:10 am