GBP/USD Price Analysis: Trades with modest intraday gains below 1.3100, bullish bias remains – by hareshmenghani GBPUSD Fed BOE Technical Analysis Currencies
The divergent Fed-BoE policy expectations support prospects for further appreciating move.GBP/USD pair
Bets that the Federal Reserve will soften its hawkish tone and keep interest rates steady after the widely anticipated 25 bps lift-off in July continues to act as a headwind for the US Dollar . Apart from this, a positive risk tone is seen as another factor undermining the safe-haven Greenback, which, in turn, assists the GBP/USD pair to regain positive traction.
From a technical perspective, last week's sustained breakout through a resistance marked by the top end of a nearly one-month-old ascending channel was seen as a fresh trigger for bullish traders. That said, the Relative Strength Index on the dailyis flashing slightly overbought conditions and capping gains for the GBP/USD pair.
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