Pound Sterling Price News and Forecast: GBP/USD faces initial resistance at the nine-day EMA of 1.3303

FXStreet Team FXStreet

GBP/USD Price Forecast: Hovers around 1.3300 as nine-day EMA caps upside

The GBP/USD pair attempts to maintain its position after registering gains in the previous session, trading around 1.3300 during the Asian trading hours on Tuesday. Technical analysis on the daily chart suggests a neutral short-term price momentum, as the pair is hovering around the nine-day Exponential Moving Average (EMA).

However, the GBP/USD pair continues to trade above the 14-day Relative Strength Index (RSI) holds above 50, suggesting a bullish bias is still in play. Further movements will offer a clear directional trend. Read more...

GBP/USD settles ahead of central bank double header

GBP/USD snapped a near-term losing streak, pumping the breaks and holding steady near the 1.3300 handle to kick off a fresh trading week. Cable remains down from recent multi-year highs, but price action has pushed into a holding pattern ahead of key showings from both the Federal Reserve (Fed) and the Bank of England (BoE).

The Fed is broadly expected to keep interest rates on hold for the time being, a move that is likely to draw more fire from the Trump administration which remains staunchly determined to try and squeeze early rate cuts out of Fed Chair Jerome Powell. Labor and inflation figures remain largely on-balance, with roughshod and opaque trade policies out of the White House shooting its own hopes for rate cuts in the foot as the Fed remains committed to its mandate of keeping unemployment and price volatility in check. Read more...

GBP/USD rises above 1.33 as US PMI data fails to lift USD

The Pound Sterling (GBP) advanced some 0.32% against the US Dollar (USD) on Monday, back above the 1.33 handle, as market participants digested data from the United States (US) portraying that business activity in the services sector is gathering some steam, yet fails to underpin the Greenback. At the time of writing, GBP/USD trades at 1.3300.

United Kingdom (UK) markets are closed as traders brace for the Bank of England's (BoE) monetary policy decision on Thursday. Most traders project a 0.25% interest rate cut by the central bank. Data across the pond failed to boost the Greenback, even though the Services PMI released by the Institute for Supply Management (ISM) showed an improvement in April. Read more...

Author

FXStreet Team

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD struggles for direction amid USD gains

EUR/USD is trimming part of its earlier gains, coming under some mild downside pressure near 1.1730 as the US Dollar edges higher. Markets are still digesting the Fed’s latest rate decision, while also looking ahead to more commentary from Fed officials in the sessions ahead.

GBP/USD drops to daily lows near 1.3360

Disappointing UK data weighed on the Sterling towards the end of the week, triggering a pullback in GBP/USD to fresh daily lows near 1.3360. Looking ahead, the next key event across the Channel is the BoE meeting on December 18.

Gold losses momentum, challenges $4,300

Gold now gives away some gains and disputes the key $4,300 zone per troy ounce following earlier multi-week highs. The move is being driven by expectations that the Fed will deliver further rate cuts next year, with the yellow metal climbing despite a firmer Greenback and rising US Treasury yields across the board.

Litecoin Price Forecast: LTC struggles to extend gains, bullish bets at risk

Litecoin (LTC) price steadies above $80 at press time on Friday, following a reversal from the $87 resistance level on Wednesday. Derivatives data suggests a bullish positional buildup while the LTC futures Open Interest declines, flashing a long squeeze risk.

Big week ends with big doubts

The S&P 500 continued to push higher yesterday as the US 2-year yield wavered around the 3.50% mark following a Federal Reserve (Fed) rate cut earlier this week that was ultimately perceived as not that hawkish after all. The cut is especially boosting the non-tech pockets of the market.

Aave Price Forecast: AAVE primed for breakout as bullish signals strengthen

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.