The British pound has recently faced rejection from the major resistance at the 1.2600 level after the release of U.S. Federal reserve’s meeting minutes. The last meeting minutes confirmed a halt in rate hike increment after two more 50 basis points increases in June and July 2022. The GBP/USD managed to get above the key support levels on better-than-expected retail sales data and 1.2600 was on the bull’s radar. However, the consumer confidence data induced a bearish bias in GBP/USD. The British pound is highly sensitive to the gloomy risk sentiment in the market Therefore one must look for potential buying opportunities in GBP/USD only when the U.S. dollar corrects lower.
