GBP/USD up at 1.25!

١٣ نوفمبر ٢٠٢٣

The GBP/USD is hovering around 1.2250 on a quiet Monday. The pair printed a fresh daily high at 1.2259 on the back of Dollar weakness. Attention shifts toward UK employment figures and the critical US CPI data due on Tuesday. The GBP/USD gained momentum and pushed towards 1.2250 in the European session on Monday after spending the Asian session fluctuating in a tight channel slightly above 1.2200. The pair's near-term technical outlook suggests that sellers remain reluctant to bet on persistent Pound Sterling weakness. British Prime Minister Rishi Sunak sacked Home Secretary Suella Braverman Monday morning to begin his reshuffle of the cabinet. James Cleverly got appointed as the new Home Secretary, and Sunak named former Prime Minister David Cameron as the new Foreign Secretary. On Tuesday, the UK's Office for National Statistics will release the jobs report, which will include wage inflation figures for October. Later in the day, October Consumer Price Index data from the US will be watched closely by market participants. Despite Federal Reserve (Fed) Chairman Jerome Powell's hawkish comments last week, markets are still pricing in a more than 80% probability that the Fed will leave the policy rate unchanged in December. The price has started moving after the rebound on the trendline intersection. The market could break the supply zone just above and then retest it before moving upwards. Leave a like and comment to support our work, greetings from Nicola, the CEO of Forex48 Trading Academy.