GBP/USD rises marginally after Yellen’s speech

The US dollar weakened modestly in the market but then rebounded, after Janet Yellen speech in Chicago. She pointed toward a March rate hike from the Federal Reserve. 

Fed's Yellen: Rate hike at next meeting "would likely be appropriate" if data is good enough

GBP/USD climbed to 1.2277 after the speech from Fed’s Chair, approaching daily highs. Then greenback managed to recover some lost ground in the market and the pair pulled back toward the 1.2250 area, where currently trades. 

The pound remains among the worst performer of the day, while the US dollar still looks for a clear trajectory after Yellen’s speech.

Consolidating weekly losses

Today the pair is falling less than 30 pips. The slide is the sixth in a row. Since last week, GBP/USD lost more than 200 pips and so far it is having the worst weekly performance since October. 

The weekly close is about to be the second lowest of the year so far. While the pound continues to be affected by fears of the Brexit process, the US dollar remains supported by the Federal Reserve and Donald Trump potential policies.