GBP/USD Technical Analysis: A Look at Fed Rate Cut Speculation Impacting the Pound Sterling
Friday, 13 September 2024, 08:39
GBP/USD Climbs on Fed Rate Cut Speculation
The GBP/USD currency pair continues to gain traction, climbing above the critical 1.3100 level during the North American session. This rise is primarily attributed to heightened expectations regarding a potential 50 basis point rate cut by the US Federal Reserve.
Technical Analysis Overview
Recent technical analysis indicates a bullish sentiment surrounding the GBP/USD. Chart patterns reveal a strong support level near 1.3050, suggesting that the pair may continue to strengthen if it maintains above this threshold.
Key Influencing Factors
- Fed Rate Decisions: Anticipated cuts could make the dollar less attractive.
- Economic Indicators: Upcoming data releases might further sway GBP/USD movements.
- Market Sentiment: Traders are reacting to any potential shifts in monetary policy.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.