The Pound Sterling(GBP), that proud steed, reclaimed its dignity against the US Dollar (USD), albeit within the August 22 trading range. 🐴 The GBP/USD pair, a most curious waltz, gradually crawled back above the 1.3500 barrier, as if whispering, “I’m still here!”
Pound Sterling oscillated in a range 🕺
GBP/USD entered a consolidative mode, a dance of bull-bear tug-of-war, while bargain-buying remained in vogue, courtesy of the US Dollar’s broad-based retreat. 🧙♂️ The USD, that proud steed, found itself in a most humiliating gallop downward.
The USD booked a monthly drop, after a double-whammy: the Fed’s dovish whispers and concerns over its independence. Investors, ever the nervous ninnies, sapped their confidence in the US currency. 🤯
Dovish Fed commentaries during the week doubled down on Chairman Powell’s affirmation of a rate cut next month. “Rate cuts? Why not!” they cried, as if it were a holiday. 🎉
New York Fed President John Williams, ever the cautious fox, noted, “Rates may fall, but only if the economy behaves.” Per Reuters, of course. 📰
Later, Fed Governor Christopher Waller declared, “I’ll support a cut, and more, to prevent the labor market from collapsing.” A drama worthy of a Gogol novel! 📖
Markets, ever the gamblers, expect an 85% to 90% chance of a September cut. The CME Group’s Fed Watch Tool, a most reliable oracle. 🕰️
Meanwhile, Trump, that fiery orator, declared war on the Fed, vowing to fire Governor Lisa Cook. “False statements! I’ll show you false statements!” 🗡️
Cook, the intrepid defender of her post, filed a lawsuit with the vigor of a samurai. “You have no authority!” she cried. ⚔️
Vice President JD Vance, with a wink and a nod, declared the Fed’s independence a myth. “A myth, you say? A myth!” 👀
UK Chancellor Rachel Reeves, with a sly grin, proposed a windfall tax on lenders. “Let them pay for the taxpayers’ deposits!” 💸
The headline, a mere whisper, failed to rattle the Pound Sterling. GBP/USD, ever the stoic, remained at the mercy of USD dynamics. 🤷♂️
The PCE Price Index, that fickle mistress, remained steady, leaving GBP/USD in a state of confusion. 🤯
US labor data to take center stage 🎭
Traders gear up for a flurry of top-tier US data, as the markets, ever the drama queens, await the Labor Day holiday. 🎉
The UK data docket, a barren wasteland, lacks high-impact publications until Friday. All eyes on the Atlantic, where the Fed’s antics reign supreme. 🌊
The US employment data, the star of the week, will take center stage. But first, the ISM Manufacturing PMI, a most anticipated performance. 🎭
Wednesday’s JOLTS Job Openings Survey, Thursday’s ADP report, and the weekly Jobless Claims-oh, the drama! 🎭
Friday’s UK Retail Sales and US NFP will be the climax. “Will the Fed cut? Will the Pound rise?” The questions echo like a Gogol tale. 📖
Markets will also monitor geopolitical twists and Fed speeches, as if they were the next chapter in a Russian novel. 📚
GBP/USD: Technical Outlook 🎨
GBP/USD’s daily chart, a canvas of chaos, shows a double top reversal at the confluence of the 21-day and 100-day SMA. 🖌️
The 21-day SMA, once a humble line, now dances above the 100-day SMA, confirming a Bull Cross. 🦄
The RSI, flirting with the midline, warns buyers: “Beware the trap!” 🚩
Buyers must regain acceptance above the 50-day SMA at 1.3496. The next hurdle? The double top high near 1.3590. 🚀
Further up, the July 4 high of 1.3681 awaits. A climb worthy of a Gogol hero! 🏔️
On the downside, a break below 1.3450 could fuel a fresh downtrend. The 1.3300 round figure looms like a specter. 👻
Additional declines may test the August 4 low of 1.3254. A descent into the abyss! 🌑
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2025-09-02 15:50