GBPUSD Insight

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GBPUSD InsightBritish Pound/US DollarFX:GBPUSDshawntime_academyWelcome to all our subscribers. Please feel free to share your personal thoughts in the comments. Don't forget to like and subscribe! Key Points - According to CBS and other U.S. media outlets, former President Trump asked Republican lawmakers during a closed-door meeting whether they supported removing Federal Reserve Chair Jerome Powell. It was reported that many lawmakers showed support for the idea. However, in a meeting with the Prime Minister of Bahrain, Trump stated that unless Powell is involved in a scandal related to renovations of the Federal Reserve building, the likelihood of his dismissal is very low. - President Trump is actively lobbying lawmakers to pass three stalled cryptocurrency bills in the House of Representatives. Optimism about the bills' passage has resurfaced. In particular, the potential strategic use of stablecoins to strengthen the dominance of the U.S. dollar and boost demand for U.S. Treasuries has brought renewed attention to these legislative efforts. - The U.K.’s Consumer Price Index (CPI) for June came in at 3.6%, exceeding the market expectation of 3.4%. As a result, the possibility of a Bank of England rate cut in July has significantly diminished. Key Economic Schedule This Week + July 17: Eurozone June Consumer Price Index (CPI) GBPUSD Chart Analysis The GBPUSD pair failed to break above the 1.38000 level and fell through the trendline after facing resistance in that zone. Currently, it is testing support near the 1.34000 level. If the pair successfully rebounds from this area, we could expect another potential rally toward the 1.40000 level. However, if the support is broken, a further decline toward the 1.31500–1.32000 range is likely.