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GBP/USD Weekly Forecast - 25/08: Positive Trend (Chart)
(MENAFN- Daily Forex) The GBP/USD was trading within it higher realm near the 1.13150 level when financial institutions were handed another dose of positive rhetoric from Fed Chairman Powell regarding lower interest rates.
- Proving behavioral sentiment is often the main factor in Forex, the GBP/USD climbed with rapid capability when U.S Fed Chairman Jerome Powell reiterated what most financial institutions already knew.
- The Federal Reserve now believes it is in a position in which interest rates can be lowered. Powell's delivery certainly opens the door for a rate cut not only in September, but in November too.
- The Fed which has been criticized for being too passive the past couple of months essentially delivered a green light for USD centric weakness to erupt further.
- However, day traders should not lean into selling positions based on the notion the GBP/USD has been overbought, because financial houses technically may believe higher values are possible.
- Long-term charts will be needed by technical traders to gather their perspectives and if U.S economic data remains lackluster financial institutions will believe the Fed could cut the Fed Funds Rate more aggressively than considered previously.

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