- GBP/USD remains directionless around 1.1800.
- DXY falls modestly, Treasury yields stable.
- US data is coming and then Powell’s speech.
GBP/USD recovered after falling as low as 1.1775 and climbed as high as 1.1844, it is trading largely unchanged from Thursday’s close around 1.1820 ahead of the Federal Reserve Chairman’s speech and US data.
Powell will speak at the Jackson Hole symposium. The panorama that it will present will be key for the markets and is expected to generate great volatility. It is estimated that it will guarantee monetary adjustment until inflation is under control.
Prior to the speech, the July US personal income and spending report, which includes the core price index for personal consumption spending, will be released at 12:30 GMT. Later, the final reading of the consumer confidence index from the University of Michigan will be known.
In the United Kingdom, the discussion at this time is about energy bills and the increase that is expected for the winter, which will impact the pockets of families.
threatened range
Volatility in the coming hours is expected to threaten the GBP/USD range. A confirmation clearly above 1.1850, would support the pound to extend the rebound. While in the opposite direction, below 1.1750, the recent low at 1.1715 and the 1.1700 area would be exposed.
Technical levels
Source: Fx Street
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