GBP/USD bulls take control on hawkish BoE bets GBPUSD Technical Analysis Fed CPI BOE
for longer. The unemployment rate fell to 3.8% for the period of February to April, while both employment levels and wage growth experienced significant increases. This follows Monday's hawkish rhetoric from BoE's policymaker Catherine Mann who emphasized a need to take measures to curb inflation.edged up 0.1% last month after increasing 0.4% in April, core CPI increased 0.4% in May, rising by the same margin for the third straight month.
Nevertheless, GBP/USD remains better bid with the money markets pricing in a 95% chance the US central bank will decide to forgo an 11th straight interest-rate hike and keep the benchmark rate at 5.00% to 5.25% on Wednesday. Moreover, the rate futures market also trimmed bets on a Fed rate hike in July following today's CPI report.The daily chart is bullish while above 1.2285 swing low. There are prospects of a meanwhile correction, however, which leaves the trendline support vulnerable.
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