Markets are pushing the start of the easing cycle from the BoE to September. Fed Chair Powell's hawkish stance on Tuesdaystrengthened the US Dollar. As the BoE and Fed’s policies align, the Pound may see additional gains. Meanwhile, the USD’s rally was halted due to US Treasury yields declining, but the Greenback’s outlook is bright as the US economy remains strong and markets bet on a more aggressive Federal Reserve .
In line with that, the US continues to see robust inflation and economic figures, underpinning the Fed’s decision to maintain a restrictive policy stance longer than initially expected. So as both bank's policies align, the GBP may see further gains or the pace of the pair may be dictated by how wide the US and GBP’s yield spreads get. GBP/USD technical analysis On the daily chart, the Relative Strength Index is edging towards oversold territory.
Source: Digital Coin News (digitalcoinnews.net)
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