For GBP/USD Friday European trading kept the gbp under heavy pressure remaining beneath the 1.3250 area. This movement underscores a more timid mood in the foreign exchange market. Even with a wave of renewed selling pressure on the US Dollar, the British Pound was still having difficulty catching a bid. The Bank of England (BoE) has been reticent to commit to further interest rate cuts. This approach has done nothing to instill confidence in the Pound Sterling.
The BoE’s commitment to a hawkish stance over potential rate cuts was music to the ears of policymakers in Westminster. This announcement wasn’t enough to provide the British currency with the support it so desperately required. Market participants remained doubtful about future changes to monetary policy. As a result, GBP/USD has remained weak under the 1.3250 mark, suggesting a shortage of bullish sentiment from investors.
The US Dollar appears to have reached a plateau in its climb. Existing market attention is now focused on the resumption of US-China bilateral trade talks planned for this weekend. The unpredictable nature of these negotiations is weighing on risk appetite in all asset classes and even shaking the currency world.
Meanwhile, in an entirely opposite section of the market, Ripple price showed solid development around $2.31 on Friday. Ripple has been in a tiny negative trend throughout the day. Its performance is impressive considering the relatively recent $50 million settlement with the Securities and Exchange Commission (SEC). This legal resolution has spurred new hope for investors. XRP Breakout To $3 Many are now predicting price breakout of XRP and shooting up the price to $3.
According to market analysts, that SEC settlement is the turning point Ripple has long been waiting for. It provides a more transparent regulatory structure for the emerging cryptocurrency. Consequently, everyone from traders to analysts are keeping a watchful eye on Ripple’s price action for indications of a breakout after the positive news.