Pound Sterling Price News and Forecast: GBP/USD drifts higher to around 1.2970

FXStreet Team FXStreet

GBP/USD attracts some buyers above 1.2950, US presidential election looms

The GBP/USD pair jumps to near 1.2970 on the softer Greenback during the Asian trading hours on Monday. The US Dollar (USD) remains under some selling pressure after the weaker US Nonfarm Payrolls (NFP) data for October, which provides some support to the major pair.

After delivering a 50 basis points (bps) rate reduction in September to start the easing cycle, the US Federal Reserve (Fed) is anticipated to cut its policy rate by 25 bps in the November meeting. Markets are pricing this outcome with a roughly 97% probability. The Greenback edges lower as traders brace for the US presidential election and Fed interest rate decision this week. Read more...

GBP/USD Price Forecast: Climbs post weak US jobs report, eyes 100-day SMA

The Pound Sterling erased some of its Thursday’s losses against the Greenback and rose 0.56% above its opening price after a dismal US jobs report reassured investors the Federal Reserve would continue to ease policy. At the time of writing, the GBP/USD trades at1.2970

The GBP/USD is forming a ‘bullish harami’ candle pattern, which hints the pair could test the previous day's high of 1.2999, opening the door to test the 1.3000 figure. However, strong resistance lies overhead at the 100-day Simple Moving Average (SMA) at 1.2977, which if decisively broken, 1.3000 would be up next. Read more...

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FXStreet Team

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