GBPUSD Technical Analysis: Holidays Affecting Performance
The recent bounce for the GBP/USD pair came to the cusp of its gains when the Bank of England surprised the market with its decision to raise the bank interest rate again to 0.25% recently. In this regard, Elias Haddad, senior forex analyst at the Commonwealth Bank of Australia says: “GBP/USD built good support near 1.3200, after failing to sustain breakouts below this level over the past few weeks.
Also, the sterling price has not fallen due to the recent Fed policy decision and accompanying expectations, which hastened the termination of the bank’s quantitative easing program so that it expires in March 2022 instead of June and suggests thatmay rise sooner than previously thought. This was expressed by US Federal Reserve Chairman Jerome Powell, responding to a question from CNBC's Steve Laisman at the Fed's press conference.
The Fed's new forecasts showed that a majority of FOMC members think they are likely to vote for three Fed funds rate increases next year, although many analysts have predicted exactly that kind of hawkish shift in the outlook before the December meeting. Meanwhile, the GBP/USD has been rapidly rising after that, providing an early indication that the dollar's six-month advance may be nearing its end and opening the door for sterling to reach major technical milestones this week.
The currency pair is not awaiting any important economic data today, amid holidays in some global financial markets, which affects the liquidity in the market and the desire of investors to trade.
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