GBP/USD accelerated into a fifth straight winning session on Wednesday, gaining another 0.55% on the day and pushing through the 1.3200 handle. Price action is now set to challenge key long-term moving averages, and the ball will remain in Cable bulls' court through the back half of the trading week.
US markets are set to go functionally dark for the remainder of the week with American market participants taking Thursday and Friday off for Thanksgiving holiday celebrations. Things remain relatively quiet on the UK side of the market on the economic data docket; however, government budget tensions remain elevated as the British parliament grapples with finding ways to fund its operations without barreling into an out-of-control deficit.
According to the CME's FedWatch Tool, rate traders see over 80% odds of a third straight quarter-point rate trim from the Federal Open Market Committee (FOMC) on December 10. Several key FOMC voting members pivoted into a surprisingly dovish stance over the past week, and the Fed's overall tone on potential interest rate cuts has shifted dramatically from the overly cautious stance from the last rate meeting.
Source: FXstreet
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