Dollar strength unwinds cable gains
GBP/USd is at the lows of the day, down 18 pips to 1.2242. Shortly before Powell, the pair rose as a high as 1.2337 so we’re nearly a full cent from the best levels.
In the latest drop, the April 21 low of 1.2248 was narrowly breached. If that gives out then it could be a quick trip down to 1.2166.