The inflation report from the US showed further easing, supporting the Fed's policy pivot.
At Wednesday's Fed meeting, policymakers took a ** stance, signaling the end of rate hikes.
The Bank of England maintained its hawkish tone, saying inflation remained a concern.
The weekly** for GBPUSD shows a bullish trajectory. The Bank of England sticks to its hawkish stance, which contrasts sharply with the Fed's more dovish outlook.
GBP/USD is trading long this week amid divergent policy outlooks between the Fed and the Bank of England. The main factors driving last week's move included policy meetings in the US and UK, as well as inflation reports in the US.
The US inflation report showed further easing, supporting the Fed's policy pivot. Policymakers showed a ** attitude at the Federal Reserve meeting on Wednesday, signaling an end to rate hikes. At the same time, the Bank of England maintained a hawkish tone, saying that inflation remains a concern, leading to the pair**.
Therefore, the inflation report will affect the outlook for interest rate cuts in the UK. In addition, the UK will release retail sales data, which will show whether consumers are spending big, which will also show demand and inflation in the economy.
At the same time, economic data from the United States will include gross domestic product (GDP) and core durable goods orders.
GBPUSD Weekly Technical**: The bulls target is 13001 resistance level.
Looking at the GBPUSD 4-hour chart, GBPUSD is floating in a bullish channel. At the same time, higher highs and lows are being created, further confirming the bullish trend. The nearest high is located at 1The 2700 key level is near while the recent low is located at 12501 key level nearby. However, the uptrend surpassed the recent highs when the bulls broke through 12700。As a result, the bullish trend is likely to continue.
22** acts as a support, pushing it higher every time ** falls back. At the same time, the RSI is trading above 50, indicating stronger bullish momentum. Therefore, it is quite possible that GBPUSD will continue to move higher, and the bulls will target 13001 resistance level.