10 December 2024, GBP/USD
GBPUSD:
The Pound-Dollar pair remains stable for the second consecutive day, trading around the 1.2750 mark during Tuesday's Asian session. The risk-sensitive pair could face challenges as the US Dollar (USD) continues to strengthen due to market caution ahead of the US Consumer Price Index (CPI) data due for release on Wednesday.
The Federal Reserve Bank of New York emphasized in its latest consumer sentiment survey that US consumers are navigating uncertain economic expectations. The survey showed a sharp improvement in consumers' views of their financial situation and the financial health of the federal government, as well as a significant shift in expectations about debt affordability and credit conditions.
U.S. NFP data for November released on Friday showed a 227,000 increase, well above expectations, and a steady 0.4% month-over-month increase in average hourly earnings. Traders now estimate the probability of a 25 basis point Fed rate cut on December 18 at nearly 85.8%, according to the CME FedWatch Tool.
The Pound Sterling (GBP) is near four-week highs as investors await key economic data and upcoming central bank meetings. Data released next Friday is expected to show a rebound in the UK economy in October, as well as signs of recovery in the manufacturing sector. The Bank of England (BoE) is widely expected to leave interest rates unchanged at its December 19 meeting.
Trading recommendation: Watch the level of 1.2750, if the level is fixed above consider Buy positions, if the level rebounds consider Sell positions.
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