GBP/USD sellers await a break below 1.2300 – Crypto News – Crypto News
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GBP/USD climbs towards 1.2390, bouncing from lows hit at the 1.2330 area GBP/USD climbs towards 1.2390, bouncing from lows hit at the 1.2330 area

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GBP/USD sellers await a break below 1.2300 – Crypto News

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GBP/USD Analysis: Bearish double-top in the making, FOMC in focus ahead of BoE on Thursday

The GBP/USD pair struggled to gain any meaningful traction during the Asian session on Wednesday and languished near a multi-day low touched the previous day. The downside, however, remains cushioned as traders prefer to wait on the sidelines ahead of this week’s key central bank event risks, starting with the FOMC decision later today. The US central bank is widely expected to hike interest rates by 25 bps amid signs of easing inflationary pressures. The bets were cemented by the US wage growth data released on Tuesday, which showed that labor costs increased less than expected in the fourth quarter.

In fact, the Labor Department reported that the Employment Cost Index rose 1.0%, marking the smallest advance since the fourth quarter of 2021. On an annual basis, the labor cost, however, increased 5.1% during the reported period and remains well above the 3.5% that Fed officials view as consistent with tame inflation. Furthermore, policymakers have been stressing the need to keep rates higher for longer in order to bring down inflation. This, in turn, suggests that the Fed is still going to sound hawkish, which, in turn, lends some support to the US Dollar and acts as a headwind for the GBP/USD pair. Read more…

GBP/USD Forecast: Sellers await a break below 1.2300

GBP/USD has gone into a consolidation phase slightly above 1.2300 early Wednesday after having closed the first two days of the week in negative territory. Although the near-term technical outlook points to a lack of buyer interest, the US Federal Reserve’s (Fed) policy announcements later in the day should drive the pair’s action.

The improving risk mood during the American trading hours on Tuesday made it difficult for the US Dollar to outperform its rivals and helped GBP/USD limit its losses. The US Bureau of Labor Statistics reported that the Employment Cost Index rose by 1% in the fourth quarter. This reading came in slightly lower than the market expectation of 1.1% and triggered a rebound in Wall Street’s main indexes. Read more…

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GBP/USD holds steady above 1.2300 mark, eyes US data for some impetus ahead of FOMC

The GBP/USD The pair struggles to gain any meaningful traction on Wednesday and oscillates in a narrow band through the first half of the European session., The pair is currently placed above the 1.2300 mark, nearly unchanged for the day, as traders now seem to have moved to the sidelines ahead of the highly-anticipated FOMC policy decision.

Exceptionally negative growth figures published by the IMF on Tuesday, which forecasts A 0.5% contraction for the UK economy in 2023 has weighed on the pair overnight, tempering Sterling bulls’ hawkish expectations ahead of the BoE’s policy meeting on Thursday. Read more…

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