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Gold (XAU/USD) is currently experiencing a bullish trend, trading at $2,750.21 with support at $2,738.16 and resistance at $2,754.01. The 50-day EMA of $2,719.07 is reinforcing this trend, but a break below support could indicate potential for sharper declines.
Meanwhile, Sterling (GBP) traders are eagerly awaiting key speeches from MPC member Breeden and BOE Governor Bailey. These speeches are expected to provide valuable insights into future monetary policy decisions, potentially leading to increased volatility in the pound’s value.
The ongoing IMF meetings will also play a role in shaping the direction of the pound in the short term. Investors will be paying close attention to any indications of interest rate adjustments or economic outlook, as these factors can significantly impact market sentiment and GBP movement.
In GBP/USD technical analysis, the pair is currently trading at $1.29688, slightly below its pivot point of $1.29915. Breaking above this level could indicate a stronger bullish sentiment, with immediate resistance at $1.30154 and further levels at $1.30531 and $1.30770.
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