May 25, 2021 20:16 GMTFXStreet News
Cable is on the verge of a significant downside move should counter-trendline hold.
Central banks and economic performances in the spotlight.
GBP/USD is currently trading at 1.4158 trading between a low of 1.4115 and a high of 1.4211, trading flat on the day following a recent recovery from the lows of the session as the greenback takes a trip to the downside.
The US dollar hit new lows against major currencies while Federal Reserve officials continue with a mantra of their dovish monetary policy stance which has eased inflation concerns.
Central bank speakers in focus
This week, the messages have been consistent with what Fed Chairman Jerome Powell has said repeatedly over recent weeks.
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GBP/USD Weekly Forecast: Time to hit highest level since 2018? US data, UK vaccines keyANALYSIS |
5/21/2021 3:15:19 PM GMT
GBP/USD has been grinding its way higher amid twin Fed and UK reopening speculation.
Cable is set to move in response to British covid figures, US GDP and other data.
Late May s daily chart is still pointing to a lead for the bulls.
The FX Poll is pointing to a short-term rise before falls later on.
To taper or not to taper? That has been the question for the Federal Reserve and the dollar, while uncertainty about the UK reopening played a role in moving the pound. US economic releases such as GDP and Durable Goods Orders are set to rock the greenback in the last full week of May.