The GBP/USD pair gained rapidly during the day as Janet Yellen started giving her speech in Wyoming. We have broken above the 1.2850 level, and looked likely to test the 1.29 handle. That’s an area that could cause a bit of selling pressure though, and most certainly the 1.30 level will. Because of this, I’m waiting to see some type of exhaustion that I can start selling. I am not interested in buying the British pound right now, because it has broken down rather significantly, and in the recent past. While the Federal Reserve may be somewhat dovish, at the end of the day the British pound has more issues.
Written by FX Empire