The GBPUSD has been trading steadily higher from the 1.20 support area to find the key resistance level of 1.22
With further weakness anticipated for the DXY, the GBPUSD is likely to continue trading higher, especially if the price breaks out beyond the resistance level.
Another reason that could see the GBPUSD trade higher is the market anticipation that the Bank of England (BoE) is likely to increase interest rates by another 25bps at the upcoming meeting.
If the price breaks above 1.22, the next key resistance level is at 1.24, with a brief hesitation level at 1.2270.
With further weakness anticipated for the DXY, the GBPUSD is likely to continue trading higher, especially if the price breaks out beyond the resistance level.
Another reason that could see the GBPUSD trade higher is the market anticipation that the Bank of England (BoE) is likely to increase interest rates by another 25bps at the upcoming meeting.
If the price breaks above 1.22, the next key resistance level is at 1.24, with a brief hesitation level at 1.2270.