Cable’s Progressive Dynamic
GBP/USD keeps trading around the 1.40 zone. The dynamic is rather progressive and it’s projected to resume for some time as dollar’s behavior will be the main point of discussion this week. Sterling’s decline versus the greenback has been contained. Additionally, Bank of England hinted on the rate hike, which gave GBP a solid boost. Still, these factors aren’t short-lived and it’s just a matter of time when Pound will be subdued by a strong dollar. Thus, deep consolidation and diapason trading is likely to prevail in the pair during coming weeks. Not much data is scheduled for today, but we will hear from the new Fed Chair Jerome Powell, so more volatility is likely to come.