GBP/USD shoots higher as Fed chair sticks to the data dependent script

GBP/USD shoots higher as Fed chair sticks to the data dependent script

GBP/USD has spiked to break the prior highs of the day and stays the course with regards to the technical bullish correction that is illustrated below. Meanwhile, GBP/USD is trading between 1.2875 and 1.2958 on the day but around the Fed, 1.2895 and 1.2985 have been the range so far. Read more…

Pound Sterling aims to elevate recovery amid hawkish BoE bets

The Pound Sterling (GBP) discovers novel offers after printing a fresh four-day high as market participants shrug off risk associated with weak economic prospects. The GBP/USD pair recovers sharply as strength in Pound Sterling is uncovered ahead of the interest rate decision by the Bank of England (BoE), which will be announced on August 3. Read more…

GBP/USD could move down towards the 1.2591 level

Uptrend scenario

The uptrend may be expected to continue, while market is trading above support level 1,2797, which will be followed by reaching resistance level 1,3142.

Downtrend scenario

An downtrend will start as soon, as the market drops below support level 1,2797, which will be followed by moving down to support level 1,2591. Read more…