$GBPUSD Forex Signal: Clears Key Resistance Ahead of BoE Decision
Set a sell-stop at 1.2600 and a take-profit at 1.2500.The GBP/USD exchange rate jumped to the highest point since May 31st as the focus shifted to the upcoming US inflation data and the Bank of England interest rate decision. The pair jumped to a high of 1.2680, which was over 21% from the lowest point in 2022.The GBP/USD pair rose on Monday as the UK markets remained closed because of a bank holiday.
A higher inflation rate than expected will provide the Fed with more incentives to hike interest rates since the labor market remains tight. Data published on Friday revealed that the unemployment rate dropped to 3.4% in April.
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