Pound Sterling Price News and Forecast: GBP/USD meets with a fresh supply

FXStreet Team FXStreet

GBP/USD Price Forecast: Bears have the upper hand while below 1.3000 mark

The GBP/USD pair attracts fresh sellers following the previous day's good two-way price move and slides closer to mid-1.2900s during the Asian session on Tuesday. Spot prices, however, hold above the lowest level since August 16 touched last week and remain at the mercy of the US Dollar (USD) price dynamics.

Bets for a less aggressive policy easing by the Federal Reserve (Fed) assist the USD in stalling its overnight pullback from a three-month peak and drag the GBP/USD pair lower. Apart from this, rising bets for more interest rate cuts by the Bank of England (BoE) in November and December suggest that the path of least resistance for spot prices remains to the downside. Read more...

GBP/USD holds below 1.3000 as traders brace for US GDP, employment data

The GBP/USD pair trades with mild losses near 1.2970 on Tuesday during the early Asian session. The US Dollar Index (DXY) currently trades flat around 104.30 after reaching a three-month high of 104.57 in the previous session. Traders might prefer to wait on the sidelines ahead of the key US economic data this week.

The encouraging US economic data last week suggests that the US economy remains resilient, lifting the Greenback. The advanced US Q3 Gross Domestic Product (GDP) and the October Nonfarm Payrolls (NFP) this week will be closely watched as they might offer some hints about the size and speed of the US Federal Reserve’s (Fed) rate cuts. US rate futures have priced in 96.8% odds that the Fed will cut rates by 25 basis points (bps) in November, according to the CME FedWatch tool. Read more...

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