The GBP/USD pair has extended its recovery above the round-level resistance of 1.2300 in the Asian session. The Cable has got strengthened amid weakness in the US Dollar Index (DXY) in hopes that the Federal Reserve (Fed) will keep interest rates steady in its May monetary policy meeting to contain the banking fiasco.
The USD Index is struggling in sustaining above 102.60 and is expected to attract more offers amid the improved risk appetite of the market participants. S&P500 futures are holding gains generated in the Asian session. The 500-US stocks futures basket has registered a three-day winning streak as United States banking jitters are fading after the US government promised to expand emergency liquidity assistance.
The Pound Sterling has been strengthened after hawkish guidance by Bank of England (BoE) Governor Andrew Bailey in his speech at the London school of Economics. BoE Bailey reiterated the need for more rate hikes if inflation continues to remain persistent.
GBP/USD resumed its upside journey after a bullish Hidden Divergence on a two-hour scale. The Cable formed a higher low while the Relative Strength Index (RSI) (14) formed a lower high, which indicated that the momentum oscillator got oversold in an uptrend and produced a bargain buy opportunity for the market participants.
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