GBP/USD halts its losing streak while US Dollar stays calm

GBP/USD trades higher near 1.2630 amid weaker UK Business Confidence, US data eyed

GBP/USD rebounds after posting losses at the previous three successive sessions amid a stable US Dollar (USD). The GBP/USD pair trades higher near 1.2630 during the Asian session on Wednesday. The USD could face downward pressure again on the moderate comments by the International Monetary Fund (IMF) Managing Director Kristalina Georgieva.

In an interview with CNN on Tuesday, IMF Managing Director Georgieva expressed optimism about the US economy, advising Americans to “cheer up.” She highlighted that despite a robust labor market, interest rates are expected to moderate in 2024 due to a decline in inflation. This positive outlook suggests a potential easing of economic pressures and provides a less aggressive perspective on the Federal Reserve’s (Fed) interest rate trajectory. Read more…

GBP/USD dips again, 200 SMA is the key to fresh increase

Looking at the 4-hour chart, the pair traded below a key bullish trend line with support at 1.2715. There was a spike below the 50% Fib retracement level of the upward move from the 1.2611 swing low to the 1.2827 high.

The pair even broke the 100 simple moving average. The next major support sits at 1.2610 or the 200 simple moving average. Read more…