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.

Pound Rises As Traders Await Fed Powell

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Sensex

Pound Rises To Against Majors

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Pound Rises As Traders Await Fed Powell

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Trader

Buy more near the opening of gold at around 2606, lose 2598, look at 2620, 2626; Short selling is available near 2647 first!

Gold trading: 2615 short selling, loss 2624, take profit 2593

Gold short selling stop loss...

Today's gold trading strategy 1: Buy long until it falls back to around 2589, lose 2582, look short around 2615, target 2620-25; Strategy 2: Short sell when the rebound reaches around 2625, with a loss of 2633. Short look around 2590, with a target of 2560.

Sell near spot gold 2604, protect 2614, target 2582-2570; Break through holding;

Gold bought more at 2590 in the morning session of the Asian market today, 2585, with a target of 2610.

Short term focus on the resistance line of 70.5-71.0 above crude oil, and short-term focus on the support line of 68.0-67.5 below.

Today's short-term operations in gold are mainly focused on rebound short selling, supplemented by buy long during pullbacks. The short-term focus above is on the resistance line of 2605-2610, while the short-term focus below is on the support line of 2575-2570.

Tags

Pound Rises As Traders Await Fed Powell

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

Japanese Market Modestly Lower

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

Sensex

Pound Rises To Against Majors

Asian Markets Track Wall Street Lower

Pound Rises As Traders Await Fed Powell

European Shares Rise On Rate Cut Hopes

Please sign in

Trader

Buy more near the opening of gold at around 2606, lose 2598, look at 2620, 2626; Short selling is available near 2647 first!

Gold trading: 2615 short selling, loss 2624, take profit 2593

Gold short selling stop loss...

Today's gold trading strategy 1: Buy long until it falls back to around 2589, lose 2582, look short around 2615, target 2620-25; Strategy 2: Short sell when the rebound reaches around 2625, with a loss of 2633. Short look around 2590, with a target of 2560.

Sell near spot gold 2604, protect 2614, target 2582-2570; Break through holding;

Gold bought more at 2590 in the morning session of the Asian market today, 2585, with a target of 2610.

Short term focus on the resistance line of 70.5-71.0 above crude oil, and short-term focus on the support line of 68.0-67.5 below.

Today's short-term operations in gold are mainly focused on rebound short selling, supplemented by buy long during pullbacks. The short-term focus above is on the resistance line of 2605-2610, while the short-term focus below is on the support line of 2575-2570.

Tags

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