1/14/2024 0 Comments Fx rate gbp to usd![]() ![]() Avoiding sub-$1.27 would support a run at the upper level of the $1.2700 – $1.2750 resistance band to target $1.28. Looking at the 14-Daily RSI, the 56.67 reading signals a moderately bullish trend, aligned with the 50-day and 200-day EMAs. Notably, the 50-day EMA continued to pull away from the 200-day EMA and reflected a bullish trend. Looking at the EMAs, the GBP to USD sat above the 50-day ($1.25672) and 200-day ($1.23358) EMAs, signaling bullish momentum over the near and long term. ![]() The Daily Chart showed a GBP to USD move through the lower level of the $1.2700 – $1.2750 resistance band. A mixed start to the day saw the GBP to USD rise to an early high of $1.27210 before falling to a low of $1.26999. This morning, the GBP to USD was down 0.03% to $1.27069. Significantly, the chances of the Fed lifting rates to 5.75% in September stood at 19.0%, down from 20.8% on Monday. However, we don’t expect the numbers to influence the Fed, which should limit the impact on the GBP/USD.įOMC member commentary would need consideration as investors consider post-summer plans.Īccording to the CME FedWatch Tool, the probability of a 25-basis point July Fed rate hike stood at 86.2% versus 86.8% on Monday. After the disappointing ISM Manufacturing PMI number, an unexpected fall in factory orders would test the appetite for the dollar. After the Fourth of July holiday, US factory orders will be in focus this afternoon. It is a quiet day on the US economic calendar. ![]()
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