GBP/USD Analysis: Gains Halted for Now – 18 September 2024
-- As expected, the GBP/USD has maintained its recent gains pending the reaction to the US and
-- Ahead of these crucial events, the Pound is hovering near the 1.3200 resistance level. ;
The
What is the expected price of the British pound against the US dollar in the coming days? ;
In this regard, the currency strategy note from
The gains in the GBP/USD pair are due to the weakness of the US dollar as financial markets are raising their expectations for a 50-basis point cut in US interest rates by the
The question now is: could the pound sterling rise to its 2024 peak against the US dollar at 1.3270, and perhaps even higher? ;
In this regard, a new research note says that the GBP/USD pair is at risk of stagnation, meaning that those looking for the best price for the dollar should consider securing some of their exposure around today’s levels. Overall, financial markets now see a 75% chance of a 50-basis point rate cut by the
Given the lack of evidence to support the report, there is a real risk of disappointment. If the US interest rates are cut by 25 basis points, the US dollar could recover, and the GBP/USD pair will fall sharply. Financial markets show that there are about 260 basis points of cuts that the market is pricing in by the end of 2025, while the latest IMM report shows that the total net short position in the US dollar has reached its largest level since
Meanwhile, the next event that will affect the sterling dollar. The
Technical forecasts for the GPB/USD pair today: ;
With GBP/USD positioning stretched in opposite directions and the market close to fully pricing in a 50bp Fed cut and no action from the BoE, the momentum required to break the 1.3275 barrier in GBP/USD is massive. ;
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Original Source DailyForex.com provides daily fundamental and technical analysis and signals for those looking to trade based on trends in the currency markets.
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