Home Analysis GBP/USD bounce from key support level at 1.3000 mark

GBP/USD bounce from key support level at 1.3000 mark

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GBPUSD bounce from key support level at 1.3000 mark - forexspacex.com

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.

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