GBP/USD:BUY From Support Area For A LONG Setup

GBP/USD has booked the second straight week of 2023 in the green, as sellers refuse to give up on the United States Dollar (USD) amid dovish US Federal Reserve (Fed) expectations. Despite the recent hawkish commentary from the Federal Reserve policymakers, endorsing a peak rate in the range of 5%-5.25% to tame inflation, investors failed to pay any heed and fuelled hopes of a Fed slowdown on rate hikes, which continued to exert bearish pressure on the US Dollar against its major rivals. The GBP/USD in the last 2 sessions make a pullback on the previous resistance area and today the price seems ready to have a new Bullish impulse. We are looking for a Long setup.

Comment: