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Abstract：GBP/USD trades higher on Thursday but is still stuck in the three-day range of 1.3538-1.37. A range breakdown would open the doors for a test of SMA support.
GBP/USD is currently trading near 1.3625, having found bids near 1.3620 early today.
While the pair has gained roughly 25 pips, it is still trapped in the range of 1.3538-1.37 established over the past three days. The 14-day Relative Strength Index (RSI) is also indicating indecision or range play with a triangle pattern.
A close above 1.37 would signal a continuation of the rally from the September low of 1.2675 and create room for a rally to at least 1.3862 (range breakout target).
Alternatively, a downside break would open the doors for the 50-day Simple Moving Average (SMA) support, currently at 1.3329.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
JPY strengthened against the USD, pushing USD/JPY near 145.00, driven by strong inflation data and BoJ rate hike expectations. Japan's strong Q2 GDP growth added support. However, USD gains may be limited by expectations of a Fed rate cut in September.
Gold prices remain above $2,500, near record highs, as investors await the Federal Open Market Committee minutes for confirmation of a potential Fed rate cut in September. The Fed's dovish shift, prioritizing employment over inflation, has weakened the US Dollar, boosting gold. A recent revision showing the US created 818,000 fewer jobs than initially reported also strengthens the case for a rate cut.
USD/JPY holds near 145.50, recovering from 144.95 lows. The Yen strengthens on strong GDP, boosting rate hike expectations for the Bank of Japan. However, gains may be limited by potential US Fed rate cuts in September.
Gold prices remain near record highs, driven by expectations of a US interest rate cut and a weakening US Dollar. Investors are focusing on the upcoming Jackson Hole Symposium, where Fed Chair Jerome Powell's speech will be closely watched for clues on the Fed's stance. Additionally, the release of US manufacturing data (PMIs) is expected to influence gold's direction.
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