GBP/USD: Gains Capped At 1.26 Amid Overbought Situation

While the FOMC minutes of the Federal Reserve’s last meeting showed policy makers agreed to raise interest rates in half-point steps in June and July, the tone of the report can be described as less-hawkish-than-feared. The U.S. dollar weakened against other peers.

The GBP/USD is again testing the resistance area between 1.26-1.2650 this morning. A sustained break above that area could result in a run for 1.30 but caution is advised here: The pair is overbought and needs to correct to revive bullish momentum.

EUR/USD: We currently see chances in favor of the bears even if the pair holds above 1.0640-1.06. However, we anticipate a correction toward 1.0580, rather than a flight toward 1.08.

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