GBP/USD bulls are holding the fort in key support GBPUSD Currencies BOE Fed
Markets have started to re-price the Bank of England as they expect the central bank to pause its rate-increasing path over the coming months that would otherwise be needed to bring down inflation. Current market pricing indicates potentially just one more 25 basis point rate increase from theThe Pound fell by as much as 0.5% against the Dollar to 1.2465 and the lows of the day. The United Kingdom´s Unemployment Rate unexpectedly climbed to 3.
Meanwhile, there is an eye being kept on Congress and the delays in raising the US debt ceiling. Tighter credit conditions caused by the recent banking crisis in the US and elsewhere have increased the likelihood that the US economy will slip into a recession, leading to Federal Reserve rate cuts and a weaker US Dollar.
´´With time running out to strike a deal to raise the debt limit, President Biden and congressional leaders are set to meet on Tuesday for pivotal face-to-face negotiations at the White House to avoid a default that economists say could eliminate jobs and cause a recession,´´ the New York Times wroteUnited States
could run out of money to pay its bills by June 1 if Congress does not raise or suspend the debt limit, the statutory cap on how much the government can borrow to finance its obligations.´´ ´´Ms. Yellen warned on Tuesday that the United States faced ´an economic and financial catastrophe´ if it defaulted and said the standoff over the debt limit was already affecting financial markets and households.´´The M-formation is homing in the 1.2550s in a bullish correction, although the bears are in the market on Tuesday but support is holding.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Price Analysis: Bulls eye a deeper daily correctionAs per the prior analysis, GBP/USD Price Analysis: Bulls looking for the deceleration in supply, eye 1.2500, whereby the pair was running into a poten
Read more »
GBP/USD rebounds firmly above 1.2460 as USD Index loses upside momentumThe GBP/USD pair has demonstrated a solid recovery and has scaled above 1.2460 in the Tokyo session. The Cable has recovered sharply amid a decline in
Read more »
GBP/USD Price Analysis: Cable bears eye further downside towards 50-DMAGBP/USD remains pressured around mid-1.2400s during early Monday, after posting the biggest weekly loss since late January in the last. In doing so, t
Read more »
GBP/USD attempts a recovery near 1.2450 ahead of US debt-ceiling talks and UK EmploymentGBP/USD is gathering strength for a recovery move from near the 1.2450 support as the US Dollar Index (DXY) has demonstrated a loss in the upside mome
Read more »
GBP/USD climbs to 1.2500 neighbourhood on weaker USD, upside potential seems limitedGBP/USD climbs to 1.2500 neighbourhood on weaker USD, upside potential seems limited – by hareshmenghani GBPUSD RiskAppetite Fed Inflation Currencies
Read more »
GBP/USD soars above 1.2500 as a bullish-engulfing pattern emergesGBP/USD bounces off last week’s low of 1.2443 and rises above the 1.2500 figure as a bullish-engulfing technical pattern emerges. Factors like a soft
Read more »