Bulls are prevailing against the Federal Reserve and its chair, Powell, with a GBPUSD exchange rate of 1.29519.
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- GBP/USD bulls have moved in for the kill on the Fed and Fed chair Powell.
GBP/USD has spiked to break the prior highs of the day and stays the course with regards to the technical bullish correction that is illustrated below. Meanwhile, GBP/USD is trading between 1.2875 and 1.2958 on the day but around the Fed, 1.2895 and 1.2985 have been the range so far.
The Federal Reserve, Fed, raised its interest rate decision by a 25 bps rate hike to 5.25-5.50%, as expected.
As a result of the statement:
Jerome Powell explains decision to hike interest rate by 25 bps in July, comments on policy
GBP/USD hourly chart shows the bulls are moving in.
The daily chart shows the price heading higher again, riding trendline support, following the recent daily correction.
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