The British pound initially attracted selling pressure this week on soaring demand for dollars but received strong support near 1.3000 mark. Consequently, the GBP/USD rose 0.53% to settle at 1.3068 mark on Wednesday. If the price is able to settle above 1.308 mark, then it could open up a move towards 1.3100 level. The market participants are expecting a half-percentage-point rate hike From US Federal Reserve in next month. As a result of this, GBP/USD is expected to enter in a consolidation phase till the Statement from Bank of England (BOE) Governor Andrew Bailey and Federal Reserve (Fed) chair Jerome Powell goes public later today.
