The Cable is taking centerstage given that the central bank of England, is set to hold their policy meetings today with also releasing the UKs Flash Manufacturing and services PMI.
The GBP/USD pair consolidated post-Fed losses, up 0.08% today while making the daily high to 1.3633 heading into Thursday’s London open. In doing so, the cable pair recovers from a monthly low as upbeat market sentiment underpins the US dollar pullback.
UK PM Boris Johnson’s US visit couldn’t retrieve any key results over the UK-US post-Brexit trade deal as American policymakers push for solving the deadlock over the Northern Ireland (NI) protocol. As per the latest data, UK’s exports to NI slumped due to Brexit.
Separately from this, the Bank of England meeting on Thursday will be looked upon to determine the next leg of a directional move. However, the GBPUSD pair has now moved within close distance of the 1.36 price mark. This is closely followed by YTD lows, around the 1.3570 region, which should act as a key pivot price points for investors.
Warning:
Trading on CFDs involves a high level of risk, including full loss of your trading funds. Before proceeding to trade, you must understand all risks involved and acknowledge your trading limits, bearing in mind the level of awareness in the financial markets, trading experience, economic capabilities and other aspects.
Disclaimer:
Market Trends, Charts, Trading Ideas or other information provided by BKFX (Pty) Ltd and/or third parties are not intended as an investment advice and/or recommendation. The information provided is not presented as suitable or based on your specific need. You are responsible for your own investment decisions and you should not trade with money you cannot afford to lose. Any views or opinions presented in this Article are solely those of the author and do not necessarily represent those of the Company, unless otherwise specifically stated. The Company may provide the general commentary which is not intended as an investment advice and must not be construed as such. Seek advice from a separate financial advisor if an investment advice is needed. The Company assumes no liability for errors, inaccuracies or omissions, inaccuracies or incompleteness of information, texts, graphics, links or other items contained within this article/material.