GBP/USD Price Forecast: Sustenance above 20-day EMA backs further upside above 1.3400
The post GBP/USD Price Forecast: Sustenance above 20-day EMA backs further upside above 1.3400 appeared on BitcoinEthereumNews.com. The GBP/USD pair trades almost flat at around 1.3355 during the European trading session on Wednesday. The Cable consolidates as investors await the Federal Open Market Committee (FOMC) minutes of the June policy meeting, which will be published at 18:00 GMT. At press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades marginally lower to near 101.05. Investors will closely read the FOMC Minutes to gauge possible reasons that led officials to abandon forward guidance on the monetary policy outlook. In the policy meeting, the Fed decided to leave interest rates unchanged in the range of 3.50%-3.75%, citing upside inflation risks, and 9 out of 19 policymakers favored an interest rate hike by the year-end. Meanwhile, the British Pound (GBP) struggles for direction as investors seek fresh cues regarding the