The pound continues to grind higher as rates look to have maxed out in the USA.

The GBP/USD pair continues higher as central bank rates in the USA moved higher yesterday however suggestions from Jerome Powell were that rates are to stay steady and it could be the end of the rate hiking. As a result, the pound has now caught a bid higher and since the announcement is drifting to the upside. The technical setup also looks okay. Looking at the chart support for the fx pair sits on the blue trendline at around 1.2840, however until 1.2886 is broken this level comes into play (this is the middle MA on the Bollinger band). Towards the upside, the pound will face some resistance at the physiological 1.30 mark but with a confirmed break above here the pound could easily aim for July highs at 1.3133 and then 1.32 in extension of that. MACD is positive, with the candlesticks sitting comfortably in the upper Bollinger band on the 1 hourly, 4 hourly, and daily.