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GBP/USD extends its downward momentum, touching a new seven-month low of 1.3097 on Friday. The pair remains under persistent selling pressure as investors continue to favor the US Dollar (USD) amid reduced expectations of further Federal Reserve (Fed) easing.
💡 DMK Insight
GBP/USD just hit a seven-month low, and here’s why that matters: The persistent selling pressure on GBP/USD reflects a broader trend where the US Dollar is gaining strength as market participants recalibrate their expectations regarding the Federal Reserve’s monetary policy. With the Fed signaling a pause in rate cuts, traders are flocking to the USD, pushing the pair down to 1.3097. This level is crucial; if it breaks below this, we could see further declines, potentially testing levels not seen since earlier this year. Keep an eye on the 1.3000 psychological level as a potential support point. On the flip side, the UK economy’s struggles, including inflationary pressures and economic growth concerns, are weighing heavily on the GBP. If upcoming economic data from the UK shows signs of improvement, it could provide a temporary bounce. However, the current sentiment leans heavily towards the USD, especially with the Fed’s stance likely to remain hawkish in the near term. Watch for any shifts in US economic indicators that could influence Fed policy, as these will be pivotal for GBP/USD’s trajectory.
📮 Takeaway
Monitor the 1.3097 level closely; a break below could lead to further declines, with 1.3000 as the next key support to watch.
