- An Insurance Fed Rate Cut?
- GBP/USD broke key level
Price Movement
Since yesterday, GBP/USD moved up by around 30pips before moving back down by around 110pips.
Trend
Overall, GBP/USD is ranging across.
Important Issue
Yesterday during an interview with Bloomberg, Federal Reserve Bank of St. Louis President James Bullard highlighted that an insurance Fed rate cut now may be necessary as inflation target has been running below target.
He also mentioned that a 50 basis point (0.50%) rate cut would be “overdone” whereas a 25 basis point (0.25%) rate cut seems more appropriate.
Technical
This morning, GBP/USD broke the 1.27 key level downwards.
Price Levels
Current Price: 1.26727
Next Resistance: 1.27400
Next Support: 1.26000
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