GBP/USD struggles with 1.34 price floor as traders await Fed minutes

• GBP/USD knocked lower on Tuesday as momentum remains elusive.
• Cable is cycling on the low side of the 50-day EMA, keeping Pound traders on the defensive.
• A slew of central banker speeches will greet traders on Wednesday, along with the latest Fed Meeting Minutes.

GBP/USD turned lower again on Tuesday, falling back below 1.3450, extending a near-term consolidation zone as the pair grinds through chart paper near the 50-day Exponential Moving Average (EMA). Despite a notable lack of firm bullish momentum, selling pressure remains unable to crack the 1.3400 handle, keeping Cable hobbled in a volatile midrange.

Central banks and rate cut hopes to clog the pipeline on Wednesday

Central bankers will dominate headline flows on Wednesday. A raft of Federal Reserve (Fed) policymakers will be making public appearances, as well as a speech from Bank of England (BoE) Monetary Policy Committee (MPC) member Huw Pill.

Wednesday's key event will be the release of the Fed's latest Meeting Minutes, due at 18:00 GMT. The Fed broke the seal on interest rate cuts at its latest rate call, and investors will be looking for signs that the Federal Open Market Committee (FOMC) is tilting toward more rate cuts through the remainder of the year.

As the US government shutdown rolls on, the Federal Reserve (Fed) will be grappling with a lack of key official datasets as it makes interest rate decisions heading into the tail end of the calendar year. Barring any significant shocks in the data that remains available to the Fed, rate markets have locked in expectations of two follow-up interest rate cuts on October 29 and December 10.

GBP/USD daily chart