Start
trading

Main >
Analytics
>
Fresh forecast
>
Forex Fundamental Analysis
>
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.

Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

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

Tunjukkan kata laluan

Hide password

 Terlupa kata laluan anda?
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.