BoE Governor Andrew Bailey stressed the importance of maintaining stable interest rates to combat inflation in the UK. Given the repercussions of prior rate hikes, tightening policy conditions could potentially exacerbate inflation and further weaken the job market in the UK.
Earlier this week, currency markets adjusted their expectations for a potential rate cut from 40 basis points to 51 basis points by December 2024. Upcoming economic data releases will provide traders with greater insight into the BoE's interest rate trajectory.
The initial focus on the economic calendar will be the release of the UK's services PMI figures. Subsequently, attention will shift to US data. The consensus in the market is that the PMI data will likely remain below the 50-point threshold and have limited impact on the GBP/USD currency pair. The subsequent NFP report may introduce heightened volatility to the pair, following preliminary figures such as ADP data and unemployment claims earlier in the week.
Earlier this week, currency markets adjusted their expectations for a potential rate cut from 40 basis points to 51 basis points by December 2024. Upcoming economic data releases will provide traders with greater insight into the BoE's interest rate trajectory.
The initial focus on the economic calendar will be the release of the UK's services PMI figures. Subsequently, attention will shift to US data. The consensus in the market is that the PMI data will likely remain below the 50-point threshold and have limited impact on the GBP/USD currency pair. The subsequent NFP report may introduce heightened volatility to the pair, following preliminary figures such as ADP data and unemployment claims earlier in the week.
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There are signs of decline in the H4 frame
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GBPUSD increased sharply and this price increase is gradually approaching the resistance area around 1.2430, this is the resistance of the weekly and daily frames so please observe.
Currently on the H4 frame this currency pair tends to increase and the upward momentum is very strong, so our main trading strategy is to wait for a good price and then sell.
Currently on the H4 frame this currency pair tends to increase and the upward momentum is very strong, so our main trading strategy is to wait for a good price and then sell.
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