GBP/USD hits near-two week high, rallies into mid-1.3200s as buoyant risk appetite weighs on buck By Frank_Macro GBPUSD Fed BOE RiskAppetite
markets spurred risk appetite in currency markets. Though it remains well supported against its more interest rate sensitive safe-haven peer the yen, post-hawkish Fed ChairUS dollar strength on Monday has proven short-lived versus most of the buck’s G10 peers.
GBP/USD’s breakout above key resistance in the 1.360-70 area and the 1.3200 level is a key technical milestone that opens the path towards a push towards 1.3300. Indeed, the pair has already bounced off of resistance in the form of the late-February/early March lows in the 1.3275 area.
Looking to the immediate future, focus is on February UK Consumer Price Inflation data scheduled for release on Wednesday, to then be followed by another speech from Fed Chair Powell, ahead of flash UK and US PMIs on Thursday.
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