Pound Sterling is under pressure as BoE Bailey is expected to deliver hawkish remarks Majors GBPUSD
of the United Kingdom. The GBP/USD pair is going through a rough phase as more interest rate hikes by the BoE are reasonable considering that UK’s inflation is showing no signs of softening.
United Kingdom government has started looking beyond monetary policy measures as May’s Consumer Price Index turned out more persistent than anticipated. The image of the Conservative Party is in danger as wage cuts for public sector employees would put the burden on households in offsetting higher price pressures.
Stubborn inflation was followed by a fat rate hike of 50 basis points from the Bank of England to 5%. As per the CME Fedwatch tool, around 77% chances are in favor of a 25 bp interest rate hike in July to 5.25-5.50%. Pound Sterling delivered a steep fall after forming a Double Top chart pattern on an hourly scale around 1.2848. The Double Top pattern would be activated if the Cable surrender the round-level support of 1.2700. This would mark an activation of a bearish reversal and the US Dollar bulls might get in the driving seat.
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