Start
trading

Main >
Analytics
>
Fresh forecast
>
Forex Fundamental Analysis
>
Pound may continue bullish trend

Pound may continue bullish trend | 28 August 2024

28 August 2024, GBP/USD

Pound may continue bullish trend

GBPUSD:

GBP/USD tested a fresh multi-year high on Tuesday, but then slid to a 29-month peak of 1.3270 as the Pound continues to gain ground on a wave of US Dollar sell-offs. Investors have been gripped by hopes of a September rate cut by the Federal Reserve (Fed), with US Personal Consumption Expenditure (PCE) inflation data not released until Friday, leaving markets with little meaningful data to chew on until then.

Fed Chairman Jerome Powell all but confirmed that the central bank will move into a rate-cutting cycle on 18 September during a speech at the Jackson Hole Economic Symposium last Friday, sending market appetite to a ceiling.

There is little of note on the UK economic calendar and Wednesday promises to be a quiet session on both sides of the Atlantic. At the start of the US session, traders will be watching for a speech from Federal Reserve Board of Governors member Christopher Waller, while central bank watchers will be keeping an eye on Bank of England (BoE) Governor Catherine Mann's speech after the London markets close.

Mixed US house price data for June gave investors little to ponder. The house price index for the month from the Federal Housing Finance Agency fell -0.1 per cent from May's 0.0 per cent reading. Markets had expected the index to come in at 0.2%. The S&P/Case-Shiller home price index, meanwhile, rose 6.5% from a year earlier, less than the revised 6.9% but still more than the 6.0% expected.

US Gross Domestic Product (GDP) data for Q2 will be released on Thursday and is expected to remain at 2.8% year-over-year. However, the key data this week will be Friday's Personal Consumption Expenditure (PCE) price index data for July, which is expected to increase year-on-year to 2.7% from 2.6% and remain at 0.2% month-on-month. Market participants, who have not given up hope for a rate cut, will expect the inflation data to come in below expectations, while the above-forecast data may trigger a new burst of optimism among risk-averse investors.

Trading recommendation: Watch the level of 1.3290, if the level is fixed above, we take Buy positions, if the level rebounds, we take Sell positions.

Connect Drawdown bonus 101% and trade with double deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.