GBPUSD stuck in price range
Updated
The GBP/USD benefited from improved risk sentiment and rose to 1.2200 during Tuesday's trading hours. The renewed strength of the US Dollar (USD) in the latter half of the day forced the currency pair to regain its daily gains. Yesterday, the currency pair traded within a tight range around 1.21700 as investors prepared for Nonfarm Payrolls.
The majority of the Fed's unchanged monetary policy rates have already been priced in. Therefore, market participants will pay attention to Chairman Jerome Powell's remarks from yesterday.
On the other hand, the USD may face selling pressure and cause GBP/USD to rise higher in the event that the Fed deviates from its plans, indicating that high bond yields will eliminate the need for further interest rate hikes.
Trading Plan:
BUY zone 1.210000
SL 1.20500
The majority of the Fed's unchanged monetary policy rates have already been priced in. Therefore, market participants will pay attention to Chairman Jerome Powell's remarks from yesterday.
On the other hand, the USD may face selling pressure and cause GBP/USD to rise higher in the event that the Fed deviates from its plans, indicating that high bond yields will eliminate the need for further interest rate hikes.
Trading Plan:
BUY zone 1.210000
SL 1.20500
Note
have a nice day
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