GBP/USD commenced the week on a positive note, maintaining gains above the 1.2200 level. This development comes amidst a complex trading environment characterized by fluctuations in major currencies and cryptocurrencies. As the week begins, the US Dollar has attracted fresh sellers, eroding much of its positive momentum from the previous Friday. Market observers are keenly watching the Federal Reserve, with bets placed on two potential interest rate cuts this year.
The cryptocurrency market is also witnessing significant activity. Both Bitcoin and Ethereum prices retested their key support levels on Monday, hinting at the possibility of an impending rally. Ripple, in particular, continues its upward trajectory after successfully breaking above its symmetrical triangle pattern. These movements suggest a dynamic week ahead for digital assets, although it is crucial to note that this article does not serve as investment advice. The views expressed are solely those of the author and do not reflect FXStreet's official policy or position.
Amidst these developments, gold has attracted some dip-buyers at the onset of the new week. The precious metal is building on its steady intraday ascent, drawing interest from investors seeking stability in a volatile market landscape. The backdrop of tax cuts and the unfolding fate of the Federal Reserve adds further complexity to the mix.
In addition to these market dynamics, US President-elect Donald Trump's inauguration day looms large over trading activities. The event is expected to influence market sentiments, adding another layer to the current environment.