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British Pound Latest – GBP/USD Pushing Higher on US Dollar Weakness


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British Pound Latest – GBP/USD Pushing Higher on US Dollar Weakness

Jul 29, 2022 | DailyFX
Nick Cawley, Strategist

GBP/USD - PRICES, CHARTS, AND ANALYSIS

  • The Bank of England (BoE) looks set to ratchet rates higher next week.
  • GBP/USD daily chart looks positive.

Cable is going into the weekend in a fairly upbeat mood and has just printed a fresh one-month high around 1.2245. While Sterling has picked up a small bid over the last two weeks, the driver of the move this week has been a weaker US dollar. The greenback, a one-way trade since June last year, is losing its shine post-FOMC after chair Powell suggested that the Fed may pause rate hikes, when appropriate, the first time this view has been aired. The US dollar has noticeably weakened across the board over the last two days.

HAS THE US DOLLAR (DXY) TOPPED OUT?

British Pound Latest – GBP/USD Pushing Higher on US Dollar Weakness

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