GBP/USD bulls head toward critical resistance

GBP/USD bulls head toward critical resistance as DXY sinks below 111.00

GBP/USD stays bid into the close of Wall Street near 1.1475 and tallies up over 1.7% in gains as the US dollar sinks below a key micro trendline and UK politics save the day for sterling bulls. Investors have welcomed Rishi Sunak as the new UK prime minister where, in his first speech, he reiterated to place economic stability and confidence at the heart of the government’s agenda. Generally, there has been bullish sentiment around his appointment, with the FTSE 100 and sterling both rallying on the news..It comes as a relief after the pound fell as low as 1.1100 vs the greenback on Friday and government borrowing costs rose amid fresh warnings about the UK economy. Read more…

GBP/USD Forecast: It’s all about new PM Sunak’s fiscal plan

GBP/USD has gathered bullish momentum early Tuesday and climbed above 1.1300. The near-term technical outlook suggests that buyers look to continue to dominate the pair’s action but investors could refrain from betting on further pound strength amid the uncertainty surrounding new British Prime Minister Rishi Sunak’s fiscal plan. Read more…

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