BP/USD: Sterling extends gains to 1.3100 as Trump talks Fed down
Sterling is trading up 0.6% at around 1.3090s against the US Dollar, but the gains are rather US Dollar weakness related as a recent streak of the fundamentals including inflation and slumping retail sales derailed prospects of the Bank of England hiking rate in August.
"China, the EU, and others have been manipulating their currencies and rates lower, while the U.S. is raising rates while the dollar gets stronger," US President wrote on his Twitter on Friday with markets taking this as a verbal intervention against the Us Dollar.
Technically, the oscillators turned lower on GBP/USD 1-hour chart with Momentum sliding lower and the Relative Strength Index escaping from the oversold territory. The sell signal is generated on Slow Stochastics, but the crossover is not in the overbought territory and that lowers the indication’s bar. The GBP/USD is still caped within the downward sloping channel with the next hurdle at around 1.2950 before testing round big figure of 1.2900.
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