GBPUSD FOREX SIGNAL: The GBP/USD price has been in an overall downward trend after peaking at 1.2453 on January 23rd.
price has been in an overall downward trend after peaking at 1.2453 on January 23rd. It crashed to a low of 1.1963, equivalent to a 4% decline.
Therefore, in separate statements on Tuesday, several Fed officials, including Chairman Powell, reiterated that the bank will leave rates higher for longer. In his statement, Powell said that while disinflation was happening, the tighter labor conditions will make the inflation fight more challenging.
The will be no economic data from the United States and the UK today. Therefore, the GBP/USD pair will react to the next actions by the Fed and the BoE. In its rate decision last week, the BoE decided to hike rates by 0.50%, higher than Fed’s 0.25%. It then delivered a relatively dovish statement.
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