GBP/USD sustained the previous week’s correction from three-week highs. United Kingdom jobs and inflation data to inject volatility around the Pound Sterling. Death Cross and Bear Pennant confirmation points to further GBP/USD declines. USD briefly below the 1.2100 threshold. Based on the technical outlook, risks remain skewed to the downside for GBP/USD in the week ahead.
He added, "financial conditions have tightened significantly" with the rise of long-term bond yields. Following Powell’s speech, the US Treasury bond yields extended their rally, with the benchmark 10-year US Treasury bond yields briefly touching the 5.0% level for the first time since 2007. The US Treasury bond yields lent support to the US Dollar while benefiting from renewed Gaza-Israel tensions, which hit risk appetite once again.
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GBP/USD Price Forecast: Pound Exposed Ahead of PowellGBP prices are on offer as risk aversion gains traction across FX markets. Fed Chair Powell will be watched later today for any insights into monetary policy going forward.
Source: DailyFX - 🏆 305. / 63 Read more »