Pound Sterling Price News and Forecast: GBP/USD struggles as the US Dollar improves

July 10, 2024 5:35 am

GBP/USD remains below 1.2800 ahead of second testimony by Fed’s Powell

GBP/USD remains tepid for the second consecutive day, trading around 1.2780 during the Asian session on Wednesday. The decline of the GBP/USD pair can be attributed to the strengthening US Dollar (USD), which has gained momentum following Federal Reserve Chairman Jerome Powell’s testimony before the US Congress on Tuesday. Powell acknowledged improving inflation data but reiterated the Fed’s cautious stance.

Fed Chair Jerome Powell stated, “More good data would strengthen our confidence in inflation.” Powell emphasized that a “policy rate cut is inappropriate until the Fed gains greater confidence that inflation is headed sustainably toward 2%.” He also noted that “first-quarter data did not support the greater confidence in the inflation path that the Fed needs to cut rates.” Read more…

GBP/USD Price Analysis: Slips below 1.2800 as ‘evening star’ formation looms

The GBP/USD falls during the North American session as Federal Reserve Chairman Jerome Powell appears at the US Senate Banking Committee. At the time of writing, the pair trades with minimal losses of 0.10%, just below the 1.2800 figure.

The GBP/USD uptrend remains intact, but the formation of a ‘shooting star’ on Monday’s price action hints that the pair could aim lower if spot prices tumble below the July 8 low of 1.2785. Read more…

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