Pound Sterling

GBP/USD reverses as month end flows favour US dollar

Pound hits 3-month high against US dollar, but overbought conditions signal consolidation ahead.

Berto

Nov 30, 2023 — 1 min read

British Poung

The British pound stormed past $1.27 against the U.S. dollar this week for the first time since September, but overbought technical conditions suggest a period of consolidation could be ahead.

The GBP/USD currency pair peaked at $1.2732 after dovish comments from Federal Reserve official Christopher Waller on potential interest rate cuts next year triggered a sizable sell-off in the greenback. The hawkish Waller's surprise shift reinforced bets on a slowing pace of Fed tightening that has powered cable's rally over the last month.

With the pound looking overstretched following four straight days of hefty gains, we may see cable dip back towards $1.25 before the uptrend resumes. But Sterling bulls still have momentum on their side for now.

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