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GBP/USD remains under pressure near 1.3100

GBP/USD remains under pressure near 1.3100 | 11 September 2024

11 September 2024, GBP/USD

GBP/USD remains under pressure near 1.3100

Events to pay attention to today:

09:00 GMT+3. GBP - Gross Domestic Product

15:30 GMT+3. USD - Consumer Price Index

GBPUSD:

The GBP/USD pair is demonstrating a resurgence in positive momentum during the Asian session on Wednesday, with a notable ascent towards a new daily peak over the past hour, approaching the 1.3100 mark. It would be prudent to exercise caution before positioning for any meaningful recovery from the three-week low of around 1.3050-1.3045, given that spot prices remain below the overnight high.

The US dollar (USD) has paused its positive trend observed over the past three days and retreated from the vicinity of a one-month high, amid expectations that the Federal Reserve's (Fed) policy easing cycle will commence in September. This is regarded as a significant factor providing support to the GBP/USD pair. It is worth noting that the general weak tone in equity markets may help to limit USD losses and limit the currency pair, given the expectation that the Bank of England (BoE) will announce another interest rate cut this year.

The UK Office for National Statistics (ONS) has announced that the number of people claiming unemployment benefits increased by 23.7k in August, up from the previous figure of 102.3k and well below the expected 95.5k. Furthermore, the ILO unemployment rate for the three months to July is anticipated to have decreased from 4.2% to 4.1%. The slowdown in UK wage growth was viewed as positive for inflation, potentially bolstering the country's central bank's confidence in cutting interest rates further.

In light of upcoming UK data releases, including monthly GDP figures and the latest US consumer inflation data, traders may exercise caution in making bullish bets on the British Pound (GBP). The US Consumer Price Index (CPI) report is of particular importance as it will influence market expectations regarding the Fed's rate cut path. This, in turn, is likely to stimulate demand for the US Dollar in the near term and provide fresh impetus to the GBP/USD pair.

Trading recommendation: Trading mainly buy orders at the price level of 1.3080. We consider buy orders at the price level of 1.3100.

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David Johnson
Analyst of «FreshForex» company
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