After posting small daily gains on Thursday, the GBP/USD has reversed its address. A break below 1.1730 is a distinct possibility if the dollar strengthens after Jerome Powell’s speech today in Jackson Hole.
All eyes on Powell’s speech at the Jackson Hole Symposium
“The pound should move mainly in line with the dollar’s reaction to Jackson Hole. A break below the lows from earlier this week at 1.1730 could be on the table on a strengthening USD as 1.1500 (the crash floor) 2020) no longer seems like a long shot.”
“It will be interesting to see the EUR/GBP’s reaction to Powell’s speech today. We could see a small recovery in the pair in a risk appetite scenario, considering that the pound is normally more sensitive to global risk movements, but low appetite for EUR longs should keep the pair capped for now.”
Source: Fx Street

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