The value of Pound Sterling is being affected as BoE Bailey is anticipated to make bullish comments.
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- Pound Sterling is under pressure as BoE Bailey is expected to deliver hawkish remarks.
The Pound Sterling (GBP) has displayed a vertical fall as investors are worried that the continuation of policy tightening by the Bank of England (BoE) would further dampen the economic outlook of the United Kingdom. The GBP/USD pair is going through a rough phase as more interest rate hikes by the BoE are reasonable considering that UK’s inflation is showing no signs of softening.
The speech from BoE Governor Andrew Bailey will remain in focus as investors are keen to know the consequences of higher interest rates on the United Kingdom economy and cues about the interest rate guidance. In comparison with developed economies, inflationary pressures in the British economy are extremely persistent and investors are losing their confidence in BoE policymakers and government.
Pound Sterling delivered a steep fall after forming a Double Top chart pattern on an hourly scale around 1.2848. The Double Top pattern would be activated if the Cable surrender the round-level support of 1.2700. This would mark an activation of a bearish reversal and the US Dollar bulls might get in the driving seat.
Only a recovery move above the recent high of 1.2848 would give an upper hand to the Pound Sterling bulls. Momentum oscillators are demonstrating a non-directional performance.
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