Pound Sterling turns fragile ahead of BoE policy announcements

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling turns fragile ahead of BoE policy announcements

GBP/USD came under heavy bearish pressure and lost nearly 0.5% on Tuesday. The pair continues to edge lower early Wednesday and was last seen trading below 1.2500.

The US Dollar (USD) benefited from the cautious market mood on Tuesday and weighed on GBP/USD. Additionally, hawkish comments from Minneapolis Federal Reserve President Neel Kashkari helped the USD edge higher and caused the pair to extend its slide. Read more...

GBP/USD outlook: Action slows ahead of BoE policy decision on Thursday

Cable is holding within a narrow range on Tuesday as traders await fresh signals from the key economic event for sterling this week- BoE monetary policy meeting on Thursday. Data released today (Apr UK construction PMI well above expectations and house prices inched higher) contributed to positive near-term bias, while the price stays above 200DMA (1.2545).

Repeated daily close above 200DMA and broken Fibo barrier at 1.2552 (61.8% of 1.2709/1.2299) to reinforce bullish technical structure and partially offset existing pressure from repeated strong upside rejection in past two days and a bull-trap, left on Friday. Read more...

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FXStreet Team

FXStreet

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