Consensus among market participants appears pretty divided around the imminent interest rate decision by the Bank of England (BoE) arriving on Thursday.
Odds for a rate cut by the Bank of England remain divided. UK disinflationary pressure stalled in June. GBP/USD appears to be supported so far by 1.2800 region. Consensus among market participants appears pretty divided around the imminent interest rate decision by the Bank of England arriving on Thursday. It is worth recalling that the central bank maintained its policy rate unchanged at 5.
Pablo adds that the GBP/USD rally experienced in the first half of July that lifted Cable to fresh 2024 peaks near 1.3050 was almost exclusively on the back of accelerated weakness in the US Dollar following investors’ repricing of a rate cut by the Federal Reserve in September. Against that backdrop, extra losses could motivate GBP/USD to break below the weekly low of 1.2806 and challenge the provisional support at the 55-day and 100-day SMAs at 1.2776 and 1.2682, respectively.
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