22 February 2024, GBP/USD
GBPUSD:
The GBP/USD pair steadily consolidated its growth above the key psychological level of 1.2600. Economic data from the Bank of England indicates a moderate stabilization in inflation and wage growth, which provides support to the GBP/USD pair.
On Tuesday, the Governor of the Bank of England Andrew Bailey spoke in the Parliament of the United Kingdom, noting the rapid decline in inflation in the UK. He emphasized that the central bank does not need a definitive return of inflation to target levels before considering an interest rate cut. In addition, Bank of England Deputy Governor Ben Broadbent noted that wage growth and services inflation are above target, indicating that sustainable inflation at 2% is in line.
A decisive break above the 1.2660 level would open the way to the February 20 high at 1.2688. Further, the next hurdle is located at the January 30 high of 1.2721, on the way to the January 31 high of 1.2750.
Trading recommendation: Trade predominantly on Buy from current values
Follow important macroeconomic news on the Forex Economic Calendar.
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