Pound Sterling Price News and Forecast: GBP/USD extends consolidation ahead of BoE

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling extends consolidation ahead of BoE

After posting marginal gains on Tuesday, GBP/USD extends its sideways grind at around 1.3300 midweek. Investors could refrain from taking large positions ahead of the Bank of England's (BoE) monetary policy announcements on Thursday.

The US Dollar (USD) managed to stay resilient against its rivals as the Institute for Supply Management's (ISM) mixed Services Purchasing Managers' Index (PMI) report failed to trigger a noticeable reaction. Read more...

GBP/USD outlook: Recovery shows signs of stall ahead of BoE rate decision

Cable dipped during early European trading on Wednesday, deflated by weak UK data (July Construction PMI fell to the lowest since 2020), although the price holds within the range that extends into third consecutive day (long-legged Doji candles point to strong near-term indecision).

Overall technical picture remains negative (daily MA’s are in bearish setup with the latest formation of 10/100 and 30/55DMA bear-crosses / 14-d momentum remains in negative territory) and supports scenario of recovery stall before larger bears regain full control. Read more...

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