GBP refreshes two-and-a-half year high at 1.3380 against US Dollar

Pound Sterling refreshes two-and-a-half year high at 1.3380 against US Dollar

The Pound Sterling (GBP) extends its winning streak for the fifth trading day against the US Dollar (USD) on Tuesday. The GBP/USD pair climbs above 1.3350 as the US Dollar drops amid growing speculation that the Federal Reserve (Fed) could opt for a 50 basis points (bps) interest rate cut for the second time in a row when they meet in November. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, remains under pressure below 101.00. Read more…

GBP: Loosening of fiscal rules to allow for greater investment – ING

The Pound Sterling (GBP) continues to perform well, ING’s FX strategist Chris Turner notes.

“The majority of yesterday’s drop in EUR/GBP was down to the miserable eurozone PMI data for September. In addition, the market is looking at some headlines coming out of the Labour Party conference in Liverpool. The focus here has been comments from Chancellor Rachel Reeves hinting at a loosening of fiscal rules which will allow for greater investment.” Read more…

GBP/USD: Unlikely to reach the major resistance at 1.3400 – UOB Group

The Pound Sterling (GBP) could edge higher but is unlikely to reach the major resistance at 1.3400. In the longer run, there has only been a slight increase in momentum, and it remains to be seen if GBP can break above 1.3400, UOB Group FX analysts Quek Ser Leang and Peter Chia note. Read more…