GBPUSD jumps above 1.21 on Ramsden comments

10:14 AM November 24, 2022

GBPUSD is one the rise today. While the pair is mostly supported by weakening US dollar, some GBP bidding could be spotted recently. As a result, the pair climbed above the 1.21 mark for the first time since the first half of August 2022. GBP caught a bid following comments from BoE Deputy Governor Ramsden. He said that he is biased towards further tightening. While he said that a cut to bank rate could be considered should the economy develop differently than forecasted and inflation stops being a concern, he also said that this is not the case yet and more rate hikes are likely. 

GBPUSD moved above the 1.2100 mark and reached the highest level since early-August following hawkish comments from BoE Deputy Governor Dave Ramsden. The pair is trading above the 200-session moving average and the next potential resistance can be found at 50% retracement of the downward move launched in June 2021.

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Source: xStation5

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