$GBPUSD Forecast: 1.2200 under threat after dismal UK data by eren_fxstreet forex trading
shows that the pair is oversold, a recovery in the current market environment seems unlikely.
On the other hand, Friday's hot inflation data from the US seems to have ramped up hawkish Fed bets. According to the CME Group's FedWatch Tool, there is now a more-than-50% probability of the Fed hiking its policy rate by a total of 125 basis points in the next two meetings. If the pair were to stage a technical correction, 1.2270 aligns as first resistance ahead of 1.2300 . With a daily close above 1.2300, sellers could book their profits and move to the sidelines, allowing the pair to extend its recovery toward 1.2350 .Information on these pages contains forward-looking statements that involve risks and uncertainties.
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