The Pound Sterling (GBP) edges lower in Wednesday’s London session but manages to cling to recent gains against the US Dollar (USD) near the round-level figure of 1.3400.
The Pound Sterling remains firm near 1.3400 against the US Dollar as the Fed is expected to cut interest rates again by 50 bps in November. BoE Governor Andrew Bailey sees a gradual decline in interest rates. Investors await the US PCE inflation data for August on Friday for fresh clues on the Fed ’s interest rate prospects. The Pound Sterling edges lower in Wednesday’s London session but manages to cling to recent gains against the US Dollar near the round-level figure of 1.3400.
3400 The Pound Sterling rises further to 1.3400 against the US Dollar in European trading hours. The near-term outlook of the GBP/USD pair remains firm as all short-to-long-term Exponential Moving Averages are sloping higher. Earlier in September, the Cable strengthened after recovering from a corrective move to near the trendline plotted from the December 28, 2023, high of 1.2828, from where it delivered a sharp increase after a breakout on August 21.
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