GBP/USD remains depressed around 100-day SMA on stronger USD, holds above mid-1.2900s

📆 10/27/2024 6:47 PM

GBPUSD News

Fed, Interestrate, BOE

📆 10/27/2024 6:47 PM
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The GBP/USD pair kicks off the new week on a softer note and trades around the 1.2960-1.2955 region, just below the 100-day Simple Moving Average (SMA) during the Asian session.

GBP/USD edges lower at the start of a new week amid broad-based USD strength. Expectations for a less aggressive Fed policy easing continue to underpin the USD. Bets for more BoE rate cuts weigh on the GBP and exert pressure on the major. The GBP/USD pair kicks off the new week on a softer note and trades around the 1.2960-1.2955 region, just below the 100-day Simple Moving Average during the Asian session.

The data validates the view that the Fed will proceed with modest rate cuts over the year, which, in turn, triggers a fresh leg up in the US Treasury bond yields and continues to underpin the USD. The British Pound , on the other hand, is undermined by rising bets for more interest rate cuts by the Bank of England in November and December, bolstered by a fall in the UK Consumer Price Index to the lowest level since April 2021 and below the central bank's 2% target.

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