#GBPUSD continues to trade around the major swing level of 1.3300 but will the price finally break higher?
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In the news today Fed Chairman Jerome Powell was testifying which we mentioned could add volatility to the market in the latest week ahead analysis video. The Chairman’s comments on speeding up tapering was seen as hawkish and the USD strengthened. However, the Fed is trying to find ways of combating the rising inflation which could lead to the hiking interest rates sooner than anticipated. The USD is interesting at the moment due to the bearish seasonal and the bullish fundamentals.
What is also interesting about the price of GBPUSD is the reaction to the latest Fed comments. Despite the initially bullishness in the USD the market has quickly recovered and the price is now trading back above the recent swing lows. Technically this could be seen as bullish due to the false breakout pattern.
If the price was to break the current weekly highs around 1.3375 we could see this trend reverse here.
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