The Pound Sterling held to earlier gains against the US Dollar on Tuesday at the time the Federal Reserve Chair Jerome Powell crossed the wires at the European Central Bank (ECB) forum in Portugal and said that inflation may get back to the Fed’s 2% target late next year or the following.
GBP/USD maintains earlier gains, as Powell was mute about comments on the forward rate path. Momentum favors sellers; RSI near 50 hints at decreasing bearish pressure. Support levels: 1.2612 , 1.2600, 1.2563 . Resistance points: 1.2709 , 1.2739 , 1.2800.
Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders , and EUR/GBP . The Pound Sterling is issued by the Bank of England . How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England.
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