A BOE meeting is due in September 13th and we are watching a little space of uplift for the GBP-USD pair. Right now, when the report is being written, the GBP-USD is traded around 1.3010, winding upwards. While the crawling of the USD pressure is growing and IG sentiment is nervous, net long position is around 66% since GBP was in 1.42 region, just a few months ago. What is going to happen after the meeting of 13th? Will it be a sharp rise in the graph? Or, another downfall? We all are eagerly waiting to find out what is going to happen. Yet, what may happen, that is where we come up.
Ahead of the BOE meeting, as GBP/USD pair seems to be making another attempt to reach the August high, 1.3159. Looking at other side of the mirror, there might have been a keyhole opening up at the 1.29 region, yet that is more unlikely to happen in near future. Here is how GBP/USD pair holding on.
GBP/USD has been pulled up from a fresh low 1.2945 zone, as the BoE Governor Mark Caney and MPC (Monetary Policy Committee) is expected to hold the interest rates.
There was very little reaction to the U.K. employment report and GBP/USD pair might continue to propel forward towards a positive direction. We are expecting a rate hike in this week for this pair which may reach GBP to 1.3085 in a very recent future,
Despite escalating expectations for an imminent Brexit Deal, the MPC might have been sticking to a slower pace and the rate hikes are likely to be happening at a gradual pace.
The recent updates tempt us to draw and sword and move forward behind the BoE meeting, and the retail positioning should be continued as we are expecting a gradual, yet steadily forward momentum towards 1.3145 at the end of the week.
For USD, the greenback might have been at the edge of a hill’s up-top and the market is cautious over the tensions of trade wars. On the other side of the world, the AUD has fallen at the 0.7050 region and might have been testing the sixty’s as well, while the NZD is trading near .6545.
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Disclaimer: The content of this article is personal opinion and should not be considered as as investment advise or suggestion towards any trading activity.