WTI crude oil (USOIL) prices found support from the $74 zone and is now trading closer to the $80 psychological area.

Can prices continue to rise over the next couple of days?

Stochastic is already in “overbought” territory and is pointing to potential selling.

WTI hasn’t quite reached the $81.50 range resistance, though, so there’s still more room for WTI to rise before the commodity sees a bearish momentum.

I’ll be looking at Powell’s testimony later today for clues on whether the Fed thinks the markets are pricing enough rate hikes this year. Markets currently see the Fed’s fund rates “peaking” at around 5.4% but recent inflation and Fed speeches are opening talks of rates rising to just under 6%. Yipes!

If markets focus on rising U.S. interest rates, China’s growth momentum concerns, or a rift between Saudi Arabia and the United Arab Emirates – two of OPEC’s biggest producers – leading to higher oil supplies, then WTI could turn lower from the $80 – $81 major area of interest.

To top it off, worries about the U.S. banking sector have also prompted financial analysts to slash their rate hike forecasts.

On the flip side, the U.K. economy has shown some green shoots when it comes to business surveys and employment data. Do you think these will be enough to keep the pound afloat?