GBP/USD RETREATS FROM DAY’S HIGH AT 1.3070 AHEAD OF BOE’S BAILEY AND FED’S POWELL

The GBP/USD pair has attracted some offers after forming a high of 1.3074 in early Tokyo. The cable advanced firmly on Wednesday from its yearly lows at 1.2987. It seems that overbought oscillators on the small timeframe are demanding a pullback before a fresh upside. It looks like investors are getting cautious over the appearances of the Bank of England (BOE) Governor Andrew Bailey and Federal Reserve (Fed) chair Jerome Powell on Thursday. The pound bulls are bracing the cues for a fourth consecutive interest rate hike by the BOE in May. Inflation is on the rooftop in the sterling area backed by the higher energy bills and food prices, which is likely to put forward a hawkish stance from BOE policymakers.