Pound Sterling capitalizes on UK political stability, Fed Powell’s testimony eyed
The Pound Sterling (GBP) ranges above 1.2800 against the US Dollar (USD) in Tuesday’s London session. The GBP/USD pair turns quiet as investors await the Federal Reserve (Fed) Chair Jerome Powell’s semi-annual Congressional testimony, which is scheduled at 14:00 GMT.
Fed Powell is expected to acknowledge some progress made on inflation and will remain data-dependent for rate cuts. Powell could continue to refrain from providing any timeframe for rate cuts and emphasize the need to keep interest rates higher until policymakers see inflation declining for months. However, he could also show some concerns over moderating United States (US) labor market strength. Read more...
GBP/USD Forecast: Pound Sterling holds bullish despite pullback
GBP/USD lost its traction after climbing to the 1.2850 area on Monday and erased its daily gains to close slightly above 1.2800. The pair stays in a consolidation phase early Tuesday as market focus shifts to Federal Reserve (Fed) Chairman Jerome Powell's congressional testimony. Meanwhile, the pair's technical outlook shows that the bullish bias remains unchanged despite the pullback seen late Monday.
The improving risk mood makes it difficult for the US Dollar to gather strength and helps GBP/USD hold its ground in the European session on Tuesday. At the time of press, US stock index futures were up between 0.15% and 0.4% on the day. Read more...
GBP/USD outlook: Bulls pause ahead of Powell
Cable is holding within a narrow range under new multi-week high during European trading on Tuesday, as markets await today’s key event - the testimony of Fed Chair Powell.
Long upper shadow of Monday’s daily candle and overbought conditions on daily chart suggest that bulls may take a breather at 1.2800 zone (also Fibo 76.4% of 1.2860/1.2612 bear-leg). Bullish studies favor further upside, with consolidation likely to be narrow, before final push towards targets at 1.2860/93 (Jun 12 high / 2024 top). Read more...
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