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Reading: GBP/USD stabilizes at 1.2858: Pound Sterling Price News and Forecast
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Gulf Press > Business > Forex > GBP/USD stabilizes at 1.2858: Pound Sterling Price News and Forecast
Forex

GBP/USD stabilizes at 1.2858: Pound Sterling Price News and Forecast

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Last updated: 2024/07/28 at 5:49 AM
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The GBP/USD pair continues to hover around the 1.2850 level as investors digest the latest inflation report in the US, which has reinforced expectations of a rate cut by the Federal Reserve in September. The Pound Sterling has managed to hold on to slight gains despite facing some selling pressure that pushed it below the 1.2900 mark earlier in the week. The Relative Strength Index (RSI) suggests that buyers still have the upper hand, although excessive long positions on the Pound could make traders vulnerable if the Bank of England decides to cut rates next week.

According to Scotiabank’s Chief FX Strategist Shaun Osborne, the Pound Sterling has seen a modest uptick in Asian and European trading sessions following a downtrend in the previous day’s session. With little data to guide trading decisions and a calmer market environment in stocks, the GBP has benefited from some short covering demand heading into the weekend. However, the currency continues to face resistance around the 1.2925 level as bulls struggle to push the price higher.

After hitting a two-week low of 1.2845 against the US Dollar, the Pound Sterling has steadied in Friday’s American trading session following the release of the US core PCE inflation report for June. The report showed that annual core PCE inflation grew by 2.6%, surpassing estimates of 2.5%. Additionally, underlying inflation rose by 0.2% month-on-month, exceeding both estimates and the previous release of 0.1%. The sticky nature of the core PCE price index, which is the Federal Reserve’s preferred inflation measure, goes against market expectations for rate cuts by the Fed. This has led the CME FedWatch tool to show pricing data indicating a possible rate cut by the central bank in September.

Overall, the GBP/USD pair remains subdued around the 1.2850 level as investors await further developments on monetary policy decisions by both the Bank of England and the Federal Reserve. While the Pound Sterling has managed to hold on to slight gains, the possibility of a rate cut by the BoE could leave traders vulnerable. The current market environment, characterized by uncertainty and mixed economic data, is likely to keep the GBP/USD pair range-bound in the near term. Traders should closely monitor key levels, such as the 1.2925 resistance, for potential breakout opportunities in the coming days.

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News Room July 28, 2024
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