Could we see limited downside on the GBP/USD?
This week, there are important economic data releases for the GBP/USD, which could shift directional bias of the GBP/USD.
Monetary Policy Report Hearings (Monday) and if price fails to break below 1.21, could for a stong support bases for price to bounce higher.
The GBP CPI Y/Y on Wednesday could be released at 9.1%. This would mean that inflation in the UK is still running hot and very high. Which could in turn, spur the BoE towards further policy adjustment, especially towards a more aggressive rate hike regime.
This could result in the GBP/USD finding further upside from 1.23
This week, there are important economic data releases for the GBP/USD, which could shift directional bias of the GBP/USD.
Monetary Policy Report Hearings (Monday) and if price fails to break below 1.21, could for a stong support bases for price to bounce higher.
The GBP CPI Y/Y on Wednesday could be released at 9.1%. This would mean that inflation in the UK is still running hot and very high. Which could in turn, spur the BoE towards further policy adjustment, especially towards a more aggressive rate hike regime.
This could result in the GBP/USD finding further upside from 1.23