26 November 2024, GBP/USD
Event to pay attention to today:
21:00 EET. USD - FOMC Meeting Minutes
GBPUSD:
The GBP/USD is making small gains throughout the day, but is unable to regain the 1.2600 technical level. Market flows are not providing the necessary strength to support the Pound. The UK economic calendar is relatively inactive this week. Fresh US inflation data on Wednesday will lead to a shorter trading week in the US as Americans prepare for the Thanksgiving holiday.
A general improvement in risk appetite across the market led to a decline in the US dollar's trading value at the start of the new trading week, providing a slight boost to the pound. The cable remained in demand, with prices approaching the 1.2600 mark. The week ahead will be challenging for traders, with a limited number of scheduled releases. Market activity in the US session is expected to be subdued on Tuesday and Wednesday, in anticipation of the Thanksgiving holiday.
The minutes of the latest Federal Open Market Committee (FOMC) meeting will be released later on Tuesday, providing insight for traders into the Federal Reserve's (Fed) latest deliberations on the direction of interest rates going forward. The next update of the Personal Consumption Expenditure Price Index (PCEPI), a key indicator of price growth in the US economy, will be released on Wednesday. On Wednesday, the latest figures for US gross domestic product (GDP) growth will be released. Annual core PCEPI inflation is forecast to accelerate again in October, rising from 2.7% to 2.8%. Meanwhile, US GDP growth is expected to remain at 2.8% in quantitative terms in the third quarter.
Trading recommendation: We follow the level of 1.2600, when fixing above it we consider Buy positions, when rebounding we consider Sell positions.
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