GBP/USD Stays Above 1.3550 as Traders Wait for New Signals
The British pound is holding steady above 1.3550 against the US dollar. Right now, the pair is not moving much because traders are waiting for more news before making big bets.
On the chart, the pound is staying above its nine-day average line, which is a sign that buyers are still supporting it. The overall picture shows that the pound has some strength, but it needs more reasons to keep rising.
If GBP/USD moves higher, it could test the next level near 1.3600. A strong break above that might push it towards 1.3650. On the downside, if the price falls below 1.3550, it could slip further towards 1.3520 or even 1.3500.
Traders are also paying attention to the US dollar. Right now, the dollar is moving slowly as investors focus on what the US Federal Reserve will say about interest rates this week. If the Fed hints at cutting rates later this year, the dollar might weaken, which could help the pound go up.
Impact: The pound may stay steady or rise a bit if the US dollar gets weaker, but it could drop if the dollar gains strength or new economic data surprises the market.