GBP/USD: Cable seesaws at six-month high ahead of Bank of England-inspired ‘Super Thursday’ – by anilpanchal7 GBPUSD BOE Fed SEO CentralBanks
ank of England decision during early Thursday. The British Pound recently cheered broadly softer US Dollar as the Federal Reserve failed to impress the greenback buyers. However, the fears of a recession in the United Kingdom , highlighted by the recently softer British data, seem to challenge the Cable bulls of late.
Despite all the details that could have lured the US Dollar bulls, the Fed failed to impress the greenback buyers as most of them were expected. Also, the recently softer US inflation data and receding Covid fears from China exerted additional downside pressure on the USD and favored the GBP/USD buyers.To sum up, the GBP/USD pair traders have recently cheered the US Dollar weakness, rather than having strong fundamentals to refresh the multi-day top.
Alternatively, a surprise 75 bps rate hike won’t hesitate to propel the British Pound toward the north.GBP/USD pokes 61.8% Fibonacci retracement level of its January-September downside, also known as the golden ratio, as it seesaws around a six-month high. In addition to the key Fibonacci ratio of around 1.2350, the overbought conditions of the Relative Strength Index line, placed at 14, also challenge the Cable buyers.
Following that, early April’s low near 1.2975, as well as March’s bottom near 1.30000 will be in focus.
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