GBP/USD Price Analysis: Contemplating the next direction amid a big week
GBP/USD is licking its wounds while trading around the weekly close near 1.2140, as the US dollar clings to Friday’s recovery gains in early Asia this Monday. The greenback staged a solid comeback, despite a strong rally on Wall Street indices, as dollar bulls tracked the rebound in the US Treasury yields across the curve.
GBP/USD Weekly Forecast: Break above 1.2265 is critical in a big week
GBP/USD bulls succeeded after a down week, although it remains to be seen if they can extend the upbeat momentum in the week ahead, with Fed minutes set to steal the limelight. Broad-based US dollar weakness on soft inflation and falling bets for a super-sized Fed rate hike in September, however, may help.