Pound Sterling exhibits strength ahead of US data, UK elections outcome

The Pound Sterling holds gains against the US Dollar as Fed ’s Powell seems confident that disinflation has resumed. UK elections outcome will be the major trigger for the Pound Sterling. The US Dollar will dance to the tunes of US ISM Servies PMI, the ADP Employment Change for June, and the FOMC minutes. The Pound Sterling consolidates below the round-level resistance of 1.2700 in Wednesday’s London session after a sharp recovery from the three-day low of 1.2615 on Tuesday.

New government formation is expected to deliver expansionary fiscal policies, which could boost price pressures and force the BoE to maintain a restrictive stance on interest rates for a longer period than previously expected. Technical Analysis: Pound Sterling climbs above 61.8% Fibo retracement The Pound Sterling trades sideways against the US Dollar after recovering sharply from the round-level support of 1.2600. The GBP/USD pair moves higher above the 61.

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