Pound Rises As Traders Await Fed Powellfxcue.com

(fxcue news) - The British pound strengthened against other major currencies in the European session on Friday, as trader's braced for Fed Chair Jerome Powell's Jackson Hole speech later in the day for confirmation U.S. rate cuts would start in September. The Bank of England governor Andrew Bailey is also scheduled to speak at the symposium. With a recession looming large on the world's largest economy and inflationary pressures abating, markets currently expect the U.S. Federal Reserve to deliver three quarter-point rate cuts at each of the remaining three meetings of 2024. Traders also speculate that the Bank of England is likely to slower the policy easing cycle than that of other major central banks. The Sterling held steady against its major counterparts in the Asian session today. In the European trading today, the pound rose to more than a 1-year high of 1.3137 against the U.S. dollar, from an early low of 1.3092. The GBP/USD pair may find its resistance around the 1.33 region. Against the euro and the Swiss franc, the pound advanced to a 3-week high of 0.8467 and a 3-day high of 1.1195 from early lows of 0.8494 and 1.1143, respectively. On the Upside, 0.82 against the euro and 1.12 against the franc are seen as the next resistance levels for the pound. The pound edged up to 191.90 against the yen, from an early low of 190.38. The next possible resistance level for the GBP/JPY pair is seen around the 194.00 region. Looking ahead, Canada retail sales for July, U.S. building permits for July, home sales for July and U.S. Baker Hughes oil rig count data are due to be released in the New York session.

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Trader

EURUSD trading, selling for profit

In the morning session of the Asian market, buying spot gold resulted in profits, while selling GBP/USD resulted in profits.

The price of gold has risen again, with 2 buy orders yielding profits and short-term sell orders yielding profits at high levels, perfect.

Suggestions for spot gold trading operations: Sell when the price rises close to 2680, sell when it unexpectedly rises above 2690, and buy when the price falls close to 61 or 54. I bought near 2650 in the morning yesterday and sold near 2670 and 2673 in the evening.

In terms of short-term trading strategy for Japanese gold, it is recommended to focus on buying with a pullback and selling with a rebound as a supplement. The short-term focus should be on the 2680-2685 resistance line above, and the short-term focus should be on the 2655-2650 support line below.

The price of gold remains strong, and we broke even today.

Tags

Pound Rises As Traders Await Fed Powell

U.S. New Home Sales Spike To Highest Level In Over A Year In July

Japanese Market Modestly Lower

European Shares Rise On Rate Cut Hopes

German Private Sector Contraction Deepens

Pound Rises To Against Majors

Powell Hints At Near-Term Interest Rate Cut: 'The Time Has Come For Policy To Adjust'

Pound Rises As Traders Await Fed Powell

Nestle CEO Mark Schneider Resigns; Names Laurent Freixe CEO

Please sign in

Trader

EURUSD trading, selling for profit

In the morning session of the Asian market, buying spot gold resulted in profits, while selling GBP/USD resulted in profits.

The price of gold has risen again, with 2 buy orders yielding profits and short-term sell orders yielding profits at high levels, perfect.

Suggestions for spot gold trading operations: Sell when the price rises close to 2680, sell when it unexpectedly rises above 2690, and buy when the price falls close to 61 or 54. I bought near 2650 in the morning yesterday and sold near 2670 and 2673 in the evening.

In terms of short-term trading strategy for Japanese gold, it is recommended to focus on buying with a pullback and selling with a rebound as a supplement. The short-term focus should be on the 2680-2685 resistance line above, and the short-term focus should be on the 2655-2650 support line below.

The price of gold remains strong, and we broke even today.

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