The GBP/USD falls during the North American session as Federal Reserve Chairman Jerome Powell appears at the US Senate Banking Committee.
GBP/USD trades losses of more than 0.10% during Powell's Senate appearance. ‘Shooting star’ pattern hints at further downside if July 8 low of 1.2785 is breached. Key support levels at 1.2750/75 and 1.2709, while resistance lies at 1.2845 and 1.2860. At the time of writing, the pair trades with minimal losses of 0.10%, just below the 1.2800 figure.
When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Price Analysis: Remains bearish, falls below 1.2700The Pound Sterling creeps lower against the US Dollar on Tuesday, amid a scarce economic docket in the UK following the release of mixed data in the United States.
Read more »
GBP/USD Price Analysis: Consolidates below 1.2700; 50/100-day SMAs confluence holds the keyThe GBP/USD pair extends its sideways consolidative price move for the second straight day and remains confined in a narrow range below the 1.2700 mark during the Asian session on Wednesday.
Read more »
GBP/USD Price Analysis: Stays firm below 1.2700, bearishly biasedThe Pound Sterling stayed firm against the Greenback on Tuesday, even though the latter remained positive, and a worse-than-expected Consumer Confidence report capped the US Dollar advance.
Read more »
GBP/USD Price Analysis: Creeps lower, remains below 1.2700The Pound Sterling extended its losses versus the Greenback on Monday, losses of some 0.06% as traders remain risk averse due to European political uncertainty.
Read more »
GBP/USD Price Analysis: Bearish harami confirmed as Pound slumps below 1.2700The Pound Sterling dropped sharply below the 1.2700 figure as risk aversion took its toll on most G7 currencies, except for safe-haven peers like the Greenback.
Read more »
GBP/USD Price Analysis: Remains depressed below 1.2800, downside potential seems limitedThe GBP/USD pair edges lower during the Asian session on Thursday and retreats further from over a three-month top, around the 1.2860 region touched the previous day, in reaction to softer US consumer inflation figures.
Read more »