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GBP/USD extends gains to a new 2024 high as Powell press conference looms
There markets sure are moving around following the 0.50% Fed rate cut. We have already seen a lot of volatility in stocks and it is not over yet by any means as the Fed boss will soon be conducting his usual post FOMC press conference. The EUR/USD and the GBP/USD both shot higher on the Fed announcement, as you would expect. The GBP/USD rose to set a new 2024 high, so far at 1.3287, but it might not be finished with yet. The reader is also reminded of the next technical level for the Pound, at 1.3298. That was the high seen in 2022 and as you can see it is within striking distance of that right now, but remember folks we have the Bank of England policy decision due tomorrow and this Fed decision might just tip the balance in favour of a cut from the BOE tomorrow. We shall see on that and there will be plenty to say about that tomorrow morning. The GBP/USD is currently trading at 1.3270
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