GBP/USD Price Analysis: Gains despite standing bearish below 1.2700
The Pound Sterling held to earlier gains against the US Dollar on Tuesday at the time the Federal Reserve Chair
Jerome Powell crossed the wires at
the European Central Bank (ECB) forum in Portugal and said that inflation may get back to the Fed’s 2% target late next year or the following. The GBP/USD trades at 1.2667, above its opening price by 0.14%.
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Pound Sterling rises as Fed Powell admits progress in disinflation
The Pound Sterling (GBP) recovers sharply after retracing to 1.2620 against the US Dollar (USD) in Tuesday’s New York session. The GBP/USD pair rebounds as the US Dollar (USD) surrenders of its gains after
Federal Reserve (Fed) Chair Jerome Powell said in his speech at
the European Central Bank (ECB) Forum on Central Banking that disinflation appears to have resumed. Fed Powell added that the central bank has made quite a bit of progress in inflation but said that more good inflation data is needed before reducing interest rates. Powell's comments were much more in line with estimates and his speech delivered at the June policy meeting.
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GBP/USD lacks firm near-term direction, remains confined in a range around mid-1.2600s
The GBP/USD pair extends its sideways consolidative price move during the Asian session on Tuesday and remains confined in a familiar range held over the past two weeks or so. Spot prices currently trade around the 1.2655-1.2645 confluence region – comprising 50-day and 100-day Simple Moving Averages (SMAs) – amid the anxiety surrounding the upcoming UK general elections on Thursday.
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