GBPUSD climbs back above mid-1.1800s, highest since August amid weaker US Dollar – by hareshmenghani GBPUSD Fed Employment BOE Currencies
Fresh US Dollar selling pushes GBPUSD higherto a fresh three-month low, which, in turn, is seen acting as a tailwind for the GBPUSD pair. The softer US consumer inflation figures for October released last week fueled speculations for a less aggressive policy tightening by the Federal Reserve. In fact, Fed fund futures are currently pricing in over a 90% chance of a 50 bps rate increase at the next FOMC meeting in December.
On the flip side, the 1.1800 round-figure mark now seems to protect the immediate downside. Any subsequent fall might attract some buyers near the daily swing low, around the 1.1740 region. This, in turn, should help limit the downside near the 1.1710-1.1700 area. The latter should act as a strong base for the GBPUSD pair, which if broken might negate the positive outlook.
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