Pound Sterling Price News and Forecast: GBP/USD meets with a fresh supply
|GBP/USD Price Forecast: Bears have the upper hand while below 1.3000 mark
The GBP/USD pair attracts fresh sellers following the previous day's good two-way price move and slides closer to mid-1.2900s during the Asian session on Tuesday. Spot prices, however, hold above the lowest level since August 16 touched last week and remain at the mercy of the US Dollar (USD) price dynamics.
Bets for a less aggressive policy easing by the Federal Reserve (Fed) assist the USD in stalling its overnight pullback from a three-month peak and drag the GBP/USD pair lower. Apart from this, rising bets for more interest rate cuts by the Bank of England (BoE) in November and December suggest that the path of least resistance for spot prices remains to the downside. Read more...
GBP/USD holds below 1.3000 as traders brace for US GDP, employment data
The GBP/USD pair trades with mild losses near 1.2970 on Tuesday during the early Asian session. The US Dollar Index (DXY) currently trades flat around 104.30 after reaching a three-month high of 104.57 in the previous session. Traders might prefer to wait on the sidelines ahead of the key US economic data this week.
The encouraging US economic data last week suggests that the US economy remains resilient, lifting the Greenback. The advanced US Q3 Gross Domestic Product (GDP) and the October Nonfarm Payrolls (NFP) this week will be closely watched as they might offer some hints about the size and speed of the US Federal Reserve’s (Fed) rate cuts. US rate futures have priced in 96.8% odds that the Fed will cut rates by 25 basis points (bps) in November, according to the CME FedWatch tool. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.