GBP/USD trims gains above 1.2750 amid US Dollar rebounds
The GBP/USD pair trades with mild losses around 1.2760 during the Asian session on Wednesday. The modest recovery of the US Dollar (USD) and US yields amid the diminishing expectations of a rate cut by the US Federal Reserve (Fed) in September weighs on the major pair. The Fed’s Beige Book is due later on Wednesday and the Fed’s John Williams is due to speak.
Consumer Confidence improved slightly in May, the Conference Board reported on Tuesday. The figure rose to 102.0 in May from 97.0 in April, beating the estimation of 95.9. However, US consumers remain concerned about inflation, and many households believe interest rates will be higher over the next year. Read more...
GBP/USD Price Analysis: Stays firm despite retreating at 1.2800 as bears loom
The British Pound demonstrated its resilience against the Greenback on Tuesday, maintaining its gains as traders in the UK and the US returned after a long weekend. The GBP/USD is currently trading at 1.2786, showing a steady increase of 0.14% from its daily high of 1.2800.
The GBP/USD tested the 1.2800 figure, yet a confluence of technical indicators with a downslope resistance trendline drawn from the highs of July 2023 and the March 21 cycle high at around 1.2803, pushed the exchange rate back to current spot prices. Momentum is in favor of buyers, but the Relative Strength Index (RSI) is about to turn overbought, hinting the pair could be headed for a correction. Read more...
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