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Reading: GBP/USD reaches highest level in 4 weeks as buyers aim for 1.2900: Pound Sterling Price Updates and Predictions.
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Gulf Press > Business > Forex > GBP/USD reaches highest level in 4 weeks as buyers aim for 1.2900: Pound Sterling Price Updates and Predictions.
Forex

GBP/USD reaches highest level in 4 weeks as buyers aim for 1.2900: Pound Sterling Price Updates and Predictions.

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Last updated: 2024/07/08 at 7:55 PM
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The GBP/USD pair has climbed to a four-week high as the Pound Sterling gains strength against the US Dollar. The Greenback has been weakening as investors anticipate a potential interest rate cut by the Federal Reserve in September. This trend has been reinforced by the upcoming speeches by Fed Chair Jerome Powell at the US Congress and key inflation data that will influence the Fed’s decision-making process. The GBP/USD is currently trading at 1.2844, its highest level in four weeks.

The Labour Party’s recent victory in the UK parliamentary elections has further boosted the Pound Sterling’s performance. Keir Starmer-led Labour Party secured a majority against the Conservative Party, bringing political stability to the UK economy. This development has led to a surge in UK financial markets, with the British currency outperforming its major counterparts in the American session on Monday. The outlook for the Pound Sterling has improved as a result of the Labour Party’s victory.

Despite the recent gains, the GBP/USD pair has lost some traction near 1.2800 as the US Dollar sees a modest recovery. The pair has snapped a seven-day winning streak during the early Asian session on Monday. The strengthening of the Greenback has weighed on the major pair, but the downside may be limited by growing expectations of a Fed rate cut in the third quarter. The uncertainty surrounding the Fed’s interest rate decisions continues to impact the movements of the GBP/USD pair.

In the coming days, traders will keep a close eye on key economic data releases and speeches from central bank officials for further guidance on the GBP/USD pair. The Federal Reserve’s decision on interest rates will be a crucial factor influencing the pair’s movement in the near future. Investors will also be monitoring geopolitical developments and trade tensions that could impact the US Dollar and the Pound Sterling. Maintaining a balanced approach to risk management will be essential for traders navigating the volatile currency markets.

Overall, the GBP/USD pair has shown resilience in the face of recent challenges, with the Pound Sterling gaining against the US Dollar amid expectations of a Fed rate cut. The outcome of the UK parliamentary elections and the subsequent political stability have further boosted the British currency’s performance. While the US Dollar has seen a modest recovery, the Pound Sterling’s near-term outlook remains positive. Traders should closely monitor upcoming economic events and central bank speeches for insights into the future direction of the GBP/USD pair.

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News Room July 8, 2024
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