Pound Sterling Price News and Forecast: GBPUSD Rallies on dovish speech by Federal Reserve Chair Jerome Powell
|GBP/USD Price Analysis: Pound tests the descending triangle breakout below 1.2100
The GBP/USD pair is displaying a lackluster performance after dropping from the round-level resistance of 1.2100 in the Asian session. Exhaustion in the upside momentum has faded Cable’s rally for a while, however, the upside bias is still intact amid the risk appetite theme. Oscillation in the bullish range of 60.00-80.00 by the RSI (14) adds to the upside filters.
GBP/USD bulls break key structure on dovish Fed chair Jerome Powell speech
GBP/USD staged a significant recovery on Wednesday after an earlier drop on fear of a hawkish speech from Federal Reserve (Fed) chairman Jerome Powell. The British Pound broke 1.2080 into the rollover on Thursday following a rally from the depths of the day's business at 1.1900. A number of factors are impacting GBP/USD from all sides of the world, including China coronavirus, Bank of England (BoE) and Fed sentiment.
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