The Bank of England, as many other central banks, has changed its tone to a more dovish one. Two members of the Monetary Policy Committee who earlier proposed to raise interest rates, this time voted to keep the benchmark rate unchanged at 0.5%. This created negative pressure on the British currency despite better-than-expected labor market data and small growth in retail sales.
Next week the main release in the UK will be the nation’s GDP data on Tuesday. GBP/USD will also be strongly influenced by the Fed’s meeting results on Wednesday.
GBP/USD remains in the downtrend. From the technical point of view, the next targets are near 2013 lows just above 1.4800. Resistanceisat1.5200 and 1.5400.
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