Fundamental factors drove the British pound above the 1.1600 level and the domestic currency settled higher for the third consecutive week against The US dollar. The new prime minister’s move to introduce long-term fiscal policies helped the GBP. Market participants are optimistic regarding the capabilities of Rishi sunk, but the question is how long this rally will continue. The GBP/USD has had a good run this past week, said Maddy Montaquila, forex analyst at trade world market. The economic data reports suggest a slowdown in British economic activity due to the multiple interest rate hike from the Bank of England.
Important Pivots
| Pivot | Classic | Fibonacci | Camarilla | Woodie | DM |
| S3 | 0.83160 | 0.97000 | 1.07794 | 0.90840 | — |
| S2 | 0.97000 | 1.02287 | 1.09063 | 0.97190 | — |
| S1 | 1.04300 | 1.05553 | 1.10331 | 1.04680 | 1.00650 |
| P | 1.10840 | 1.10840 | 1.10840 | 1.11030 | 1.09015 |
| R1 | 1.18140 | 1.16127 | 1.12869 | 1.18520 | 1.14490 |
| R2 | 1.24680 | 1.19393 | 1.14137 | 1.24870 | — |
| R3 | 1.38520 | 1.24680 | 1.15406 | 1.32360 | — |
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