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GBPUSD News

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Last Updated Date: 26 January 2022 @ 8:49 AM (UTC)
*Please note that all the dates are in GMT time zone

The Federal Reserve is expected to maintain a hawkish tone during its first meeting of 2022 and confirm that interest rates will start to rise in March. 

The British pound eased below $1.35 during the fourth week of January, as investors digested PMI data showing Britain's private sector growth slowed to an 11-month low and as demand for the dollar was supported by expectations the Federal Reserve will be announcing this week a March interest-rate hike to combat inflation.

Elsewhere, investors see a high chance that the Bank of England will raise rates again next week, after data showed last week the UK consumer inflation rose more than expected to 5.4% in December, its highest since March 1992.

The GBPUSD market is short term bearish and yesterday’s break leaves trade poised for follow through selloffs, suggesting a wash towards the 1.3338 low. Only a close over 1.3566 stops the downturn and signals for a short term retracement phase.

Resistance 2       1.3565
Resistance 1       1.3523

 
Support 1            1.3480
Support 2            1.3440


 


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