GBP/USD to extend recent gains on a close above 1.23 .

GBP/USD reverses losses below 1.21. The pair could enjoy further gains on a close above the 1.23 level, in the opinion of analysts at Scotiabank.

Support aligns at the 1.22 area.“We’re looking for the GBP to close above (and hold) 1.23 for signs that it can extend recent gains.”

“Resistance before the big figure zone is 1.2280.” “Support is the 1.22 area followed by the mid-1.21s.”

 EUR/USD climbs to 1.0550 as Fed Chair Powell testifies

EUR/USD has continued to push higher toward 1.0550 in the early American session on Tuesday. On the first day of his semiannual testimony, FOMC Chairman Powell reiterated that further rate increases will be appropriate but failed to provide a boost to the dollar.

EUR/USD News 

GBP/USD regains traction, closes in on 1.2300

GBP/USD has gathered bullish momentum and advanced toward 1.2300 on Wednesday. The greenback stays on the back foot with the US Dollar Index edging lower toward 104.00 as FOMC Chairman Powell testifies before US Senate Banking Committee. 

GBP/USD News 

Gold rises above $1,840 as US bond yields decline

Gold has stretched higher and advanced beyond $1,840 in the second half of the day. As FOMC Chairman Powell testifies, the benchmark 10-year US Treasury bond yield is down more than 4% on the day, fueling XAU/USD’s daily rally.

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