Meanwhile, in the US, investors are hoping for a quieter week on the political side whilst Donald Trump is travelling in the Middle East and instead they are awaiting today’s FOMC minutes. It is being widely anticipated that the Fed will give some sort of indication for a June or July rate hike. This has given a short term sentiment on the US Dollar with the medium-term sentiment being neutral as traders wait and see whether Donald Trump will be able to deliver his fiscal reforms.
GBPUSD formed a triple top on the hourly chart earlier this week and the fundamental drivers talked about here have helped to push GBPUSD down towards 1.293. This pair is currently in a and we could see price head down towards the 1.285 level. If the FOMC minutes come out as expected, we may see some retracement as traders take profits before seeing the dollar strengthen further.