GBP/USD Price Analysis: The key contention level is seen at 1.2500
The GBP/USD pair remains under pressure below the mid-1.2500s during the early European session on Monday. Investors are in a cautious mood ahead of the key events in the US and UK this week. The Federal Open Market Committee (FOMC) rate decision on Wednesday and the Bank of England (BoE) rate decision on Thursday will be in the spotlight this week and could trigger volatility in the market. The major pair currently trades near 1.2539, losing 0.07% on the day.
From a technical perspective, GBP/USD maintains a bearish outlook as the pair holds below the 50- and 100-hour Exponential Moving Averages (EMAs) on the four-hour chart. The prevailing bearish sentiment appears in the Relative Strength Index (RSI), which remains below 50, indicating the path of least resistance is to the downside. Read more…
GBP/USD recovers some lost ground near 1.2550 ahead of the UK employment, US CPI data
The GBP/USD pair holds positive ground during the early Asian session on Monday. The pair recovers some lost ground from Friday’s low of 1.2500 and currently trades around 1.2551, gaining 0.03% on the day. The US Nonfarm Payrolls came in better than market expectations. Traders await the key events from the FOMC and BoE meeting this week and these events could trigger volatility in the market.
The Bank of England (BoE) governor Andrew Bailey said last month it was far too early to be thinking about rate cuts while warning there was “no room for complacency” on inflation despite a fall in the Consumer Price Index from 6.7% in September to 4.6% in October. The BoE is likely to keep borrowing costs at a 15-year high at its December meeting on Thursday. Read more…
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- Source: https://www.fxstreet.com/news/pound-sterling-price-news-and-forecast-gbp-usd-remains-on-the-defensive-around-12539-202312110700
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