Pound Sterling Price News and Forecast: GBP/USD retreats from 1.3760 to 1.3710 despite increasing bets of a BoE’s hike rate
|GBP/USD Forecast: Will the British pound look past Brexit developments?
GBP/USD has been moving in an ascending channel since late September. UK's Frost says there is still a gap between the EU and the UK negotiating positions. Near-term technical outlook points to additional gains as long as 1.3700 support holds. The GBP/USD pair preserved its bullish momentum in the second half of the previous week despite the dollar's resilience and has gone into a consolidation phase above 1.3700 on Monday. Read more...
GBP/USD outlook: Cable is consolidating under new one-month high
Cable is consolidating under new one-month high (1.3773) in early Monday, following last week’s 0.55% advance and weekly close above double-Fibo barriers at 1.3721 (61.8% of 1.3912/1.3411) and 1.3731 (61.8% of 1.4249/1.3411) that generated bullish signal. The sentiment remains strong as hopes for BoE rate hike as early as November were boosted by hawkish comments from Governor Bailey, who said that the central bank is gearing up for the first rate hike after pandemic on mounting inflation risk. Read more...
GBP/USD retreats from 1.3760 to 1.3710 despite increasing bets of a BoE’s hike rate
The British pound declines despite BoE’s Governor Bailey hawkish comments. The market sentiment is downbeat, as European stocks print losses, like US stocks, except for the Nasdaq. BoE’s Andrew Bailey said that central banks need to prevent higher inflation expectations from becoming permanent. The British pound is sliding during the New York session, down some 0.23%, is trading at 1.3712 at the 2time of writing. Surging energy prices, higher inflationary pressures witnessed on the last CPI readings in developed country’s economies, and central banks tightening monetary policy dented the market sentiment. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.