GBPUSD rises as USD declines
Brian hello everyone!
Currently, GBP/USD is increasing higher in today's trading session, reaching a level of 1.223, although lacking follow-through. The decline in US bond yields and a positive risk sentiment have weakened the USD and provided support for borrowing. It is expected that the BoE's completion of interest rate hikes will limit further upward movement in the major currency pair.
On the chart analysis: On the upside, the level of 1.2200 is considered a key resistance level. In the event that the pair remains below that level, 1.2150 could be retested before 1.2120 and 1.2100.
On the other hand, if GBP/USD rises above 1.2200 and stabilizes there, 1.2230 could play a role as a strong resistance level before 1.2250.
Currently, GBP/USD is increasing higher in today's trading session, reaching a level of 1.223, although lacking follow-through. The decline in US bond yields and a positive risk sentiment have weakened the USD and provided support for borrowing. It is expected that the BoE's completion of interest rate hikes will limit further upward movement in the major currency pair.
On the chart analysis: On the upside, the level of 1.2200 is considered a key resistance level. In the event that the pair remains below that level, 1.2150 could be retested before 1.2120 and 1.2100.
On the other hand, if GBP/USD rises above 1.2200 and stabilizes there, 1.2230 could play a role as a strong resistance level before 1.2250.
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