Pound Sterling Price News and Forecast: GBP/USD loses traction around 1.3390 during early European session

FXStreet Team FXStreet

GBP/USD loses momentum below 1.3400, BoE Pill's speech and FOMC Minutes in focus

The GBP/USD pair loses ground near 1.3390 during the early European session on Wednesday. The Pound Sterling (GBP) edges lower against the Greenback amid rising expectations that the Bank of England (BoE) will cut interest rates one more time in the remainder of the year.

The dovish expectation of the BoE grows due to growing United Kingdom (UK) labor market concerns, which undermine the Cable against the USD. Reuters reported that the businesses in the UK in the three months to September expected to keep employment steady over the next 12 months, the first time since January that they have been observed reluctant to increase staffing. Read more...

GBP/USD struggles with 1.34 price floor as traders await Fed minutes

GBP/USD turned lower again on Tuesday, falling back below 1.3450, extending a near-term consolidation zone as the pair grinds through chart paper near the 50-day Exponential Moving Average (EMA). Despite a notable lack of firm bullish momentum, selling pressure remains unable to crack the 1.3400 handle, keeping Cable hobbled in a volatile midrange.

Central bankers will dominate headline flows on Wednesday. A raft of Federal Reserve (Fed) policymakers will be making public appearances, as well as a speech from Bank of England (BoE) Monetary Policy Committee (MPC) member Huw Pill. Read more...

GBP/USD retreats as US Dollar strengthens amid government shutdown

GBP/USD drops during the North American session on Tuesday after failing to clear the 50-day Simple Moving Average (SMA) of 1.3464, as the US Dollar registers gains amid the ongoing US government shutdown.

The economic docket on both sides of the Atlantic remains scarce, yet Federal Reserve (Fed) officials are grabbing traders’ attention. San Francisco Fed Mary Daly said that a potential AI bubble in the stock market would threaten broader financial stability. In the meantime, Atlanta Fed Raphael Bostic revealed that turbulence is leading firms and households to be cautious. Read more...

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