Pound Sterling Price News and Forecast: GBP/USD gains momentum across the board during Powell’s presentations


GBP/USD is poised for new highs

The GBP/USD is bullish. We should see an uptrend continuation from 1-2-3 pattern after a retracement.

If the retracement happens watch out for 78.6-88.6 POC zone. 1.3990-1.4005 is the zone where the price might be rejected from. A bounce could also happen above 1.4100. In both cases 1.4140 is the target. The pair is still in uptrend and buying the dips is the way to go.

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GBP/USD breaks above 1.4100 after Powell’s comments, fresh multi-year high

The GBP/USD rebounded sharply after the first comments from Jerome Powell and climbed to 1.4113, reaching the highest level since 2018. The move higher took place amid a decline of the US dollar.

Fed’s Powell mentioned that the economy is a long way from employment and inflation goals. He offered so fur no surprises in its semi-annual presentation at the Congress. The central bank continues to promise to maintain rates near zero for a long time until full employment and inflation exceeds 2% for some time.

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