GBPUSD Forex Signal: Bullish Outlook Ahead of Powell
It was trading at 1.2750, where it has been since Friday. This price is a few pips below the year-to-date high of 1.2845.The most important news on Wednesday will be the statements by Jerome Powell of theand Andrew Bailey of the Bank of England . In his statement, Powell will likely reiterate his previous view that the bank has room for more rate hikes ahead.
This view is now being supported by encouraging economic data from the US. Data published on Tuesday showed that consumer confidence bounced back in June. It rose to 109.7 in June as consumer inflation eased during the month and the unemployment rate remained low. The US housing market is also doing well. The closely watched house price index rose in April while new home sales jumped by 12.2% in May. It rose to a seasonally-adjusted level of 763k during the month. Last week, additional data showed that housing starts and building permits are doing well. Therefore, the Fed will likely hike rates by 0.25% in July.
The GBP/USD pair will also react to the latest statement by Andrew Bailey, the head of the Bank of England. Unlike the Fed, the BoE is in a more difficult situation since the British economy is slowing while inflation remains stubbornly high. Therefore, the bank will likely continue hiking rates in the coming meetings.Therefore, traders will also continue to focus on the situation in Russia, where the government faced a brief rebellion during the weekend. It seems like these risks have faded.
Therefore, because of the cup and handle pattern, the pair will likely continue rising as buyers target the resistance at 1.2845.
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