GBP/USD Forecast: Pound Sterling remains fragile ahead of US data
GBP/USD lost 0.5% on Thursday and continued to push lower in the early European session on Friday. After touching its lowest level since mid-May at 1.2630, GBP/USD edged higher to the 1.2650 area but the technical outlook doesn't highlight a buildup of recovery momentum.
The Bank of England (BoE) announced on Thursday that it left the monetary policy settings unchanged. "June decision was finely balanced as higher-than-expected services inflation reflected factors that would not push up medium-term inflation," the BoE said in its press release. The BoE's optimistic tone on inflation outlook caused Pound Sterling to weaken against its major rivals. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD Elliott Wave analysis on the daily chart examines the ongoing market trend through the lens of Elliott Wave theory, specifically focusing on a corrective phase. This analysis centers on the orange wave C within the broader structure of navy blue wave 2. The primary objective is to track and predict the market's movements during this corrective period. Read more...
GBP/USD outlook: Cable dips after BoE's dovish hold
Cable fell below 1.2700 marks and hit the session low on Thursday, after the BoE kept rates unchanged but markets saw it as a dovish hold which deflated pound.
The fact that inflation returned to 2% target in May did not play the key role in BoE today’s decision, as the policymakers remain cautious and look for more evidence, before start easing the borrowing cost from its multi-year high. Read more...
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