The strength of the dollar drives cable gains
GBP / USd was the lowest of the day, down 18 pips at 1.2242. Shortly before Powell, the pair hit a high at 1.2337, so we’re almost a penny from the best levels.
During the most recent decline, the April 21 low of 1.2248 was clearly broken. If that gives, it could be a quick trip to 1.2166.