GBP/USD commentary: British Pound benefits as DXY falls slightly
Mr. Neel Kashkari continued to assert his hawkish stance on both CNN and Fox Business, saying that the Fed may need to continue raising interest rates.
Money markets have repriced the December 2024 rate cut to 25bps. The sell-off following last week's BoE interest rate decision may have been exacerbated as the vote margin between a rate hike and a pause was close. This opens up the possibility for further interest rate increases. Estimates of peak interest rates between the Fed and BoE are currently similar and could quickly change if the US shows signs of economic weakness.
GBPUSD
BUY 1.2220-1.2230 💎💎
✔️✔️TP: 1.2260
⚠️⚠️SL: 1.2190
Money markets have repriced the December 2024 rate cut to 25bps. The sell-off following last week's BoE interest rate decision may have been exacerbated as the vote margin between a rate hike and a pause was close. This opens up the possibility for further interest rate increases. Estimates of peak interest rates between the Fed and BoE are currently similar and could quickly change if the US shows signs of economic weakness.
GBPUSD
BUY 1.2220-1.2230 💎💎 ✔️✔️TP: 1.2260
⚠️⚠️SL: 1.2190
