GBP/USD snaps two-day win streak as risk appetite stumbles
The post GBP/USD snaps two-day win streak as risk appetite stumbles appeared on BitcoinEthereumNews.com.
GBP/USD hesitates before falling back below 1.2500 on Tuesday. A light UK data docket will leave markets focusing on US jobs data. Another NFP labor dump looms ahead later this week. GBP/USD caught a mild bid early on Tuesday before turning south once again and shedding roughly one-third of one percent to end the day on the low side of the 1.2500 handle. Cable bidders continue to struggle to find reasons to hit the bids as a technical recovery falters after a tepid two-day bull run from 9-month lows near 1.2350. It’s been a wobbly start to the new year on the Pound Sterling charts after ending 2024 with a three-month losing streak, and bidding momentum is hobbled near medium-term lows with a light data docket on the cards for Cable traders. UK Like-For-Like Retail Sales surged to 3.1% for the year ended in December, but GBP flows were unable to overcome a fresh bout of risk aversion after US Purchasing Managers Index (PMI) activity and business costs survey results shredded near-term hopes for continued rate cuts from the Federal Reserve (Fed) in early 2025. US data releases will again rule the calendar on Wednesday, with ADP Employment Change numbers for December and the Fed’s latest Meeting Minutes both slated to release during the upcoming US trading session. ADP jobs figures serve as a wobbly forecast of what Friday’s Nonfarm Payrolls (NFP) jobs numbers might look like, and investors will be hoping to glean some glimmer of hope for any signs of a rate cut before June. GBP/USD price forecast GBP/USD is once again trading on the south side of the 1.2500 handle after this week’s bullish momentum fizzled early. The pair is trading into a familiar near-term technical floor as the 50-day Exponential Moving Average (EMA) descends into 1.2650.…
Filed under: News - @ January 7, 2025 11:20 pm