GBP/USD update
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GBP/USD is seeing its strongest monthly performance since November last year. The bullish drive in the pair has been intact since the start of July as it attempts to breach the 1.30 mark for the first time in a year. The RSI has ventured into overbought territory but the appetite for further gains keeps the path of least resistance higher for the time being. This time last year when GBP/USD breached 1.3140 we saw the RSI push a little higher than the current level, suggesting we could see further bullish drive ahead.
Further weakness in the US dollar is likely to help the pair gather that last bit of drive needed to breach 1.30, which can be seen as a psychological resistance level. The calendar is going to be a busy one for the UK this week as CPI, employment, and retail sales are all lined up. Inflation is expected to have softened further in June but wages could continue to put upward pressure on prices, which would continue to limit the Bank of England’s ability to cut rates. Odds for an August rate cut currently stand at 50%. How these expectations evolve following the data will likely impact GBP/USD. For now, UK yields are slightly stronger than US yields, which plays in favour of GBP/USD
Further weakness in the US dollar is likely to help the pair gather that last bit of drive needed to breach 1.30, which can be seen as a psychological resistance level. The calendar is going to be a busy one for the UK this week as CPI, employment, and retail sales are all lined up. Inflation is expected to have softened further in June but wages could continue to put upward pressure on prices, which would continue to limit the Bank of England’s ability to cut rates. Odds for an August rate cut currently stand at 50%. How these expectations evolve following the data will likely impact GBP/USD. For now, UK yields are slightly stronger than US yields, which plays in favour of GBP/USD
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