Pound Sterling Price News and Forecast: GBP/USD moves upward within an ascending channel
|GBP/USD Price Analysis: Holds position above 1.2850 nearing a pullback resistance
GBP/USD continues to advance for the second consecutive session, trading around 1.2860 during Asian hours on Thursday. The analysis of the daily chart shows that the pair is moving upward within an ascending channel, which indicates a bullish bias in the pair's price action.
Additionally, the 14-day Relative Strength Index (RSI) is positioned slightly below the 70 level, indicating confirmation of the bullish trend while also suggesting potential overbought conditions. A breach above this level could signal a need for caution, possibly indicating a forthcoming correction. Read more...
GBP/USD rallies on resurgence of Fed rate cut hopes
GBP/USD rallied on Wednesday, clipping into a four-week peak after broad-market expectations of future rate cuts reignited following Federal Reserve (Fed) Chairman Jerome Powell’s wrap-up of the two-day Semi-Annual Monetary Policy Report. UK data is limited to mid-tier Industrial Production figures on Thursday, but looming US Consumer Price Index (CPI) inflation will draw plenty of investor eyes during Thursday’s American market session.
Rate-cut-hungry markets decided that Fed Chair Powell’s appearances before Congressional committees was close enough to dovish this week, with Powell giving a cautious nod to recent progress on inflation. Risk appetite has recovered as investors lean back into hopes for a September rate cut, and investors will be looking for an undershoot of US CPI inflation on Thursday, with median market forecasts expecting annualized core CPI inflation in June to hold steady at 3.4%. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.