The GBP/USD currency pair maintains an ascending trend, marked by consecutive higher highs and higher lows since September of the previous year. Support lines, including the 200-day Moving Average, a declining trendline support, and Ichimoku, are monitored closely, as they could generate a higher low if a pullback occurs. The 1.300 level is a critical point for any bullish momentum reversal. Fundamentally, Federal Reserve Chairman Jerome Powell recently shared a hawkish outlook, stating that the battle against inflation is far from over and suggesting that interest rates are likely to escalate. However, Powell highlighted the importance of data in guiding decisions, thus offering a less decisive and more cautious approach by the Fed. The market’s attention is now shifting to the Bank of England’s imminent interest rate verdict, which is largely anticipated to continue the tightening cycle. In the meanwhile, the US dollar experienced a slight decline (-0.45%) overnight as Treasury yields trimmed early advances, closing mostly unchanged to moderately higher. With a 25 basis points rate increase nearly confirmed in the forthcoming meeting, and terminal rate expectations set at 6%, the GBP/USD pair appears to be in a holding pattern awaiting further cues from central banks.