GBPUSD jumps above 1.21 on Ramsden comments

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.

Source: xStation5