GBP/USD surges to new YTD highs on improved risk appetite, ECB hike and steady Fed – by christianborjon GBPUSD Currencies Majors
ral Reserve . Expectations that the Bank of England could be the more hawkish central bank amongst G10 FX countries keep the GBP/USD underpinned toward the 1.2800 mark. At the time of writing, the GBP/USD is trading at 1.2764 after hitting a low of 1.2628.Wall Street is trading with gains following the Fed’s decision to keep rates unchanged. Even though Jerome Powell and Co.
suggests a 25 bps hike in June is fully priced in, as well as August, September, and November, bringing the Bank Rate to 5.75%. Further data will be revealed the next week, with CPI for May expected at 8.5% YoY, compared to April’s 8.7%.Once the GBP/USD conquered 1.2700, that exposed last year’s April 26 high at 1.2772 as the only resistance between the current exchange rate and the 1.28 handle. A breach of the latter will clear the path towards 1.
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