My previous GBP/USD signal on 12th June was not triggered as there was no bullish price action when any of the key support levels were reached that day.
that the technical picture was looking bullish with several close support levels, so I was looking to enter a long trade at a bounce at any support level.
The price in fact fell over the day, so I was wrong, but waiting for a bounce at support which never happened was at least enough to keep out of trouble. We have seen the British Pound gain strength over the past week or two, reaching a new 1-year high price last week, although it has been falling off over the past few days as US Dollar strength resumed.technical factors are likely to be of secondary importance today as we will get testimony from the Chair of the Fed about monetary policy before Congress, following the earlier release of British CPI data which was expected to show a decline to 8.4%, but showed no change from 8.7%.
, as it seems probable that Powell’s testimony will drive the price here down by strengthening the relative value of the US Dollar.Concerning the USD, Fed Chair Jerome Powell will be testifying before the House of Representatives at 3pm.
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