GBP/USD Forecast: Pound Sterling surges, Shell banned from attempting BP takeover for six months
GBP/USD extended its rally and touched its highest level since October 2021 above 1.3750 on Thursday. The heavy selling pressure surrounding the US Dollar (USD), on renewed concerns over the Federal Reserve losing its independence, could allow the pair to continue to push higher despite overbought conditions.
The Wall Street Journal (WSJ) reported late Wednesday that United States President Donald Trump was planning to announce his candidate for the next Chairman of the Federal Reserve (Fed) early, by September or October, to undermine Fed Chairman Jerome Powell. The news outlet claimed that Trump is evaluating Kevin Hassett’s, Director of the National Economic Council, and Treasury Secretary Scott Bessent’s commitment to lower interest rates as they are among the names that could potentially replace Powell. Read more…
GBP/USD outlook: Cable keeps firm tone, further gains likely after consolidation
Cable remains steady and holds within a narrow consolidation just below new multi-month high (1.3648), posted on Tuesday, following strong bullish acceleration in past two days.
Revived risk appetite on growing confidence in still fragile ceasefire in the Middle East, continues to underpin near-term action, as markets await more details from Fed Powell’s second day of testimony to Senate Banking committee. Read more…
