25 Juli 2024, GBP/USD
Event to watch out for today:
15:30 GMT+3. USD - GDP volume change for the quarter
GBPUSD:
The Pound-Dollar pair is down to 1.2895 during Asian trading on Thursday. The increased likelihood that the Bank of England (BoE) will start cutting interest rates in August has undermined the Pound Sterling (GBP). Absent the release of important UK economic data, the GBP/USD pair will be influenced by the US Dollar. The focus will be on the release of preliminary US gross domestic product (GDP) data for the second quarter (Q2).
According to a Reuters poll, most economists said that the Bank of England is expected to cut the bank rate to 5% at its August meeting next week. JP Morgan analyst Allan Monks noted that “we expect a 25 basis point rate cut at next week's meeting, although the decision seems much closer than it was a few weeks ago.” The case for a rate cut is far from clear.”
As for the US Dollar, market participants expect the US Federal Reserve (Fed) to leave rates unchanged at next week's July meeting, but predict that the US central bank will begin easing its monetary policy in September, moving the federal funds rate into the 5.00%-5.25% range.
Trading recommendation: Trade predominantly with Sell orders from the current price level.
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