GBP/USD found the gas pedal on Tuesday, ramping up another two-thirds of a percent and clawing back above the 1.3000 handle as markets brace for what is likely to be a messy outcome from the US presidential election.
GBP/USD rallied 0.65% on Tuesday as markets brace for US presidential election results. Central bank double-header due this week with 25 bps rate trims expected from both the US and the UK. BoE, Fed both expected to drop reference rates down to 4.75%. Widely-anticipated rate cuts are also due from both the Bank of England and Fed eral Reserve this week, giving investors plenty to chew on in what is set to be one of the busiest weeks of the rest of the trading year.
However, traders should watch for any significant resistance near the 1.3050 area, as this level aligns with the 50-day EMA and could act as a short-term barrier. Looking ahead, a sustained move above the 50-day EMA may open the door for GBP/USD to test the next resistance around 1.3150. Conversely, if the pair fails to hold above 1.3000, it may retest the 200-day EMA support around 1.2850. A break below this level could lead to further downside pressure, potentially targeting the 1.2700 level.
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