The Pound Sterling (GBP) gains sharply against the US Dollar (USD) in London trading hours on Monday but continues to struggle near the psychological resistance of 1.3000.
The Pound Sterling jumps to near 1.3000 against the US Dollar as the latter declines ahead of the US presidential election. Kamala Harris appears to be giving a tough competition to Donald Trump, according to the latest polls. Investors expect the Fed and the BoE to cut interest rates by 25 bps on Thursday. The Pound Sterling gains sharply against the US Dollar in London trading hours on Monday but continues to struggle near the psychological resistance of 1.3000.
Technical Analysis: Pound Sterling holds 200-day EMA The Pound Sterling holds right above a fresh 11-week low of 1.2850 against the US Dollar, which also aligns with the 200-day Exponential Moving Average . While the pair seems to have found a cushion near the 200-day EMA around 1.2850, the near-term trend remains uncertain as it stays below the 50-day EMA around 1.3060. The pair remains at make or a break near the lower boundary of the Rising Channel chart formation on the daily time frame.
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