Technical Chart of the day: Hourly GBPUSD
Bank of England Governor Andrew Bailey said that the central bank should start to reverse its quantitative easing asset purchases before raising interest rates on a sustained basis, a reversal of a long-standing BoE policy. Bailey said the time for such action was not now, but that the high level of central bank asset purchases “shouldn’t always be taken for granted”.
U.S. consumer confidence figures come out tomorrow and will show whether encouraging signs of recovery from May can be sustained. China suspended poultry imports from an American plant where hundreds of employees tested positive for Covid-19, stoking concerns over the broader implications for U.S. and global meat exports.
On a technical perspective, RSI is indicating overbought conditions but prices have already broken through the 20 and 40 EMA suggesting the rise might be short-term.
Resistance: 1.24484 Support: 1.23403
