GBP/USD flirts with multi-day top, above 1.2200

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Brian greets everyone!

Today, GBPUSD continues to maintain an upward trend, actively recovering from the relentless decline and currently trading around the 1.222 price level.

In addition, the recent warning from the US Federal Reserve about high inflation in the US could potentially lead to another interest rate hike by the end of this year. Consequently, the data will impact expectations regarding the future interest rate trajectory set by the Fed, which will provide new momentum for the USD and drive the GBP/USD pair forward.

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good luck

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The US Department of Treasury will hold a 5-year US Treasury note auction in the American session on Thursday. In case there is a strong demand for bonds and a noticeable decline in the high-yield outcome, the USD could lose its strength. Nonetheless, investors are likely to stay focused on political developments in the US.

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