FxAnalysis

GBP/USD formed an inverse head-and-shoulders pattern after Powell’s dovish remarks, with bullish momentum aiming for 1.3700 while 1.3400 acts as key support.

Jerome Powell’s dovish speech on a September rate cut last Friday saw markets turnaround, with the major US equity index again poised to challenge its record high if the bullishness is sustained into the coming week.

The GBP/USD went into this weekend near the 1.35275 ratio, this after touching the 1.33910 vicinity early on Friday.

The price of WTI Crude Oil finished last week with higher prices going into the weekend near the 63.470 level, this after touching a low around 61.430 on Monday the 18th of August.

Major markets react to Powell’s Jackson Hole speech. Explore key levels and trends in forex, crypto, gold, and indices for the week of Aug 28.

The US Dollar (USD) sharply reversed course after Federal Reserve (Fed) Chair Jerome Powell struck a notably dovish tone during his appearance at the Jackson Hole Economic Symposium, pinning interest rate cut bets to the ceiling.