The GBPUSD will start this week trading near values it has not traded since April of last year-
of May, the GBP/USD was trading near a low of around 1.23025, and after a challenge to the 1.25400 level in early June the currency pair was near the 1.23725 ratio on the 5. These values are meant to show the volatility the GBP/USD has produced in the past month. The move higher to Friday’s close around the 1.28175 mark has not come without choppy results for many speculators. The U.S. Federal Reserve on Wednesday of last week ‘paused’ their interest rate hikes as expected.
Reversals lower still occur and plenty of questions regarding data and policy are coming for the Forex market which will affect day-to-day speculation. Having achieved the 1.28000 ratios and sustaining this mark before going into the weekend was a solid result. But Consumer Price Index numbers will come from the U.K this Wednesday and if inflation numbers remain strong this will cause an effect on GBP/USD trading.
The U.S Federal Reserve could still cause fireworks in Forex with rhetoric this week based on FOMC member John Williams speaking this Tuesday, and Fed Chairman Powell being in Washington before House and Senate committees the middle of this week. However, support levels for the GBP/USD may prove to be durable and traders may perceive values below the 1.28000 ratios as buying opportunities if they occur on stronger declines..
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