Home Analysis The British Pound is on the backfoot after Fed volunteer for a...

The British Pound is on the backfoot after Fed volunteer for a desperate rate hike in this month

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The British Pound is on the backfoot after Fed volunteer for a desperate rate hike in this month - forexspacex.com

Russia’s invasion of Ukraine boosted the demand for the U.S. dollar while leaving few to bear the consequences. The British Pound attracted selling near the major support level at 1:00 0.3400 mark after Fed Chair Powell volunteered for a rate hike this month despite the ongoing war between Russia and Ukraine. As a result of this, GBP/USD fell by 0.46% on Thursday to settle near a new session low of 1.3348 mark. The bearish bias remains intact for GBP/USD as it is trading below the 20-day exponential moving average at the 1.3475 mark. Therefore, the sellers may target the next immediate support level at the 1.3300 mark.

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