Pound Sterling falls vertically to near 1.3300 as traders brace for US data
The Pound Sterling (GBP) drops to near 1.3300 after facing selling pressure near the crucial resistance of 1.3400 against the US Dollar (USD) in Tuesday’s London session. The GBP/USD pair slumps as investors turn cautious ahead of the United States (US) labor market data, which will provide fresh cues about how much the Federal Reserve (Fed) will reduce interest rates further this year.
The Fed started the policy-easing cycle with an interest rate cut of 50 basis points (bps) to 4.75%-5.00% on September 18. Policymakers decided to opt for a larger-than-usual cut amid growing concerns over slowing job growth and as confidence increases about inflation returning to the bank’s target of 2%. Read more...
GBP/USD Forecast: Pound Sterling buyers move to sidelines, eyes on US data
GBP/USD stays under bearish pressure early Tuesday and trades in negative territory below 1.3350 after failing so stabilize above 1.3400 on Monday. The pair's technical outlook points to a bearish tilt in the near term.
GBP/USD rose above 1.3400 during the European trading hours on Monday but failed to gather bullish momentum. With markets adopting a cautious stance on the last trading of the third quarter, the US Dollar (USD) managed to hold its ground and caused the pair to erase its daily gains. Read more...
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