{"id":176974,"date":"2023-10-19T07:12:10","date_gmt":"2023-10-19T01:42:10","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=176974"},"modified":"2023-10-19T07:12:10","modified_gmt":"2023-10-19T01:42:10","slug":"gbp-usd-hangs-near-weekly-low-below-mid-1-2100s-looks-to-feds-powell-for-fresh-impetus-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/gbp-usd-hangs-near-weekly-low-below-mid-1-2100s-looks-to-feds-powell-for-fresh-impetus-crypto-news\/","title":{"rendered":"GBP\/USD hangs near weekly low, below mid-1.2100s; looks to Fed\u2019s Powell for fresh impetus &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<p>\n                        <span class=\"fxs_socialmedia_bar_share_label\">Share:<\/span><\/p>\n<ul>\n<li><strong>GBP\/USD is seen consolidating in a range near the lower end of a one-week-old trading range.<\/strong><\/li>\n<li><strong>The uncertainty over the BoE\u2019s next policy move continues to act as a headwind for the GBP.<\/strong><\/li>\n<li><strong>Hawkish Fed expectations, geopolitical risks underpin the USD and also contribute to capping.<\/strong><\/li>\n<li><strong>Investors keenly await Fed Chair Jerome Powell\u2019s speech before placing fresh directional bets.<\/strong><\/li>\n<\/ul>\n<p>The GBP\/USD pair struggles to gain any meaningful traction on Thursday and oscillates in a narrow band, below mid-1.2100s during the Asian session. Spot prices flirt with the lower end of a one-week-old trading range, awaiting a fresh catalyst before the next leg of a directional move.<\/p>\n<p>The British Pound (GBP) continues with its relative underperformance in the wake of the uncertainty over the next policy move by the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/boe\">Bank of England<\/a> (BoE), which, in turn, is seen as a key factor acting as a headwind for the GBP\/USD pair. The latest UK consumer inflation figures released on Wednesday showed that the headline CPI remained steady at 6.7% in September against expectations for a modest dip to 6.6%, riving bets for a potential BoE rate hike in November. The UK Office for National Statistics (ONS), meanwhile, reported earlier <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\/united-states\">this week<\/a> that wage growth moderated slightly in the three months to August, which might allow the BoE to hold interest rates at their current level.<\/p>\n<p>This comes on top of the BoE&#8217;s chief economist, Huw Pill&#8217;s comments last week, saying that the question of further rate rises was finely balanced. Furthermore, BoE policymaker Swati Dhingra cautioned that overtightening could potentially harm the UK&#8217;s supply potential, while Catherine Mann advocated for an aggressive monetary policy to combat inflation. The split in the BoE&#8217;s Monetary Policy Committee (MPC) regarding how to respond to the incoming economic indicators is holding back traders from placing fresh directional bets around the GBP\/USD pair ahead of the second batch of labour market data due next Tuesday. In the meantime, a bullish US Dollar (USD) might continue to cap the upside.<\/p>\n<p>The Greenback continues to draw support from growing acceptance that the Federal Reserve (Fed) will keep interest rates higher for longer in the wake of a still-resilient US economy. The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/forecast\">outlook<\/a>, meanwhile, lifted the benchmark 10-year US Treasury yield to a fresh 16-year peak on Wednesday, which, along with the risk of an escalation in war between Hamas and Israel, is seen underpinning the safe-haven buck. This further contributes to capping the upside for the GBP\/USD pair. That said, the lack of strong follow-through selling warrants some caution for bearish traders as the focus remains glued to Fed Chair Jerome Powell&#8217;s scheduled speech later during the North American session.<\/p>\n<h2 class=\"fxs_headline_medium\">Technical levels to watch<\/h2>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share: GBP\/USD is seen consolidating in a range near the lower end of a one-week-old trading range. The uncertainty over the BoE\u2019s next policy move continues to act as a headwind for the GBP. Hawkish Fed expectations, geopolitical risks underpin the USD and also contribute to capping. Investors keenly await Fed Chair Jerome Powell\u2019s speech [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":8440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,712,248,251,246,257,276,366,641,255,250,252,247,253,385,249,256,254],"class_list":["post-176974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-boe","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-currencies","tag-fed","tag-gbpusd","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-riskappetite","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=176974"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176974\/revisions"}],"predecessor-version":[{"id":176975,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/176974\/revisions\/176975"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/8440"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=176974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=176974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=176974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}