GBP/USD rallies sharply above 1.2030s as the Fed pivots to lower hikes – by christianborjon GBPUSD Majors Macroeconomics Technical Analysis Fed
, which opened the door for a 50 bps rate hike at the December meeting, albeit reiterating that work needs to be done. At the time of writing, the GBP/USD is trading volatile, around 1.1930-1.2050, as Powell begins to answer questions.In his speech, the Federal Reserve Chair said that it made “sense” to slow the speed of rate hikes, stating that it could happen at the December meeting.
The initial surge in inflation was unrelated to wages, but wages will become increasingly important in the future.The GBP/USD jumped from around 1.1925 towards 1.2011. Once he finished the speech, the GBP/USD retreated to 1.1970 before beginning its Q&A session, which rocked the boat, undermining the US Dollar and bolstering the Pound Sterling, as the GBP/USD hit the daily high of 1.2050.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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