GBP/USD consolidates its upside above 1.2750, investors await fresh catalysts
The GBP/USD pair consolidates its upside around 1.2770 after reaching two-month highs during the early Asian session on Tuesday. The USD Index (DXY) remains under some selling pressure at around 104.60, which provides some support to the major pair. Traders await the US Conference Board’s Consumer Confidence, FHFA’s House Price Index, along with the Fed’s Neel Kashkari, Mary Daly, and Lisa Cook speeches later on Tuesday.
The markets lower their bets on interest rate cuts by the US Federal Reserve (Fed) and see a 49% chance of rate cuts in September, down from 63% recorded a week ago, according to the CME FedWatch tool. The US key data this week might offer some hints about the economic outlook and inflation trajectory. The first reading of US GDP economic growth in the first quarter will be due on Thursday ahead of the US Core Personal Consumption Expenditures Price Index (Core CPE), the Fed’s preferred inflation gauge. The hotter-than-expected US inflation data might lift the Greenback and weigh on the GBP/USD in the near term. Read more...
GBP/USD Price Analysis: Climbs towards 1.2800 as technicals suggest a pullback
The Pound Sterling climbed 0.30% against the Greenback on Monday amid thin liquidity conditions in observance of UK and US holidays. At the time of writing, the GBP/USD trades at 1.2772 after hitting a daily low of 1.2728.
The GBP/USD daily chart depicts the pair as upward biased, aimed to challenge the March 21 cycle high at 1.2803. If cleared on further strength, up next lies the year-to-date (YTD) high at 1.2894. Failure to do it, and sellers could keep the pair within the 1.2700 – 1.2800 range ahead of the release of the US Core Personal Consumer Expenditures Price Index (PCE) on Friday. Read more...
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