Expectations of a Bank of England rate cut in November put pressure on the British pound | 17 Oktober 2024

17 Oktober 2024, GBP/USD

Expectations of a Bank of England rate cut in November put pressure on the British pound

An event to look out for today:

15:30 GMT+3. USD - Retail Sales

GBPUSD:

The Pound-Dollar pair remains below the psychological 1.3000 mark during the Asian session on Thursday and is currently near its lowest level since August 20, reached the previous day. Meanwhile, the fundamental outlook, leans in favor of bearish traders and suggests that the path of least resistance for spot prices lies to the downside.

Data released on Wednesday showed that the UK's annual consumer price index (CPI) slowed from 2.2% in August to 1.7% last month, the lowest since April 2021.

In addition, the recent rally in the US Dollar (USD) to its highest level since early August confirms a negative near-term outlook for GBP/USD.

On Thursday, the US will release the monthly retail sales report, the usual weekly initial jobless claims, the Philadelphia Fed's business activity index and industrial production data. These data will stimulate demand for the dollar and create opportunities for short-term trading in the GBP/USD pair.

Trading recommendation: Trading mainly by Sell orders from the current price level.

Fund your account with cryptocurrency and you will receive up to 10% in balance on your first deposit. The additional funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

David Johnson
Analyst of «FreshForex» company
Setuju dengan review?
opini pedagang:
Close
Masuk
Browser Anda tidak mendukung kue. Jika cookie dinonaktifkan di browser Internet Anda, Anda mungkin memiliki masalah dengan render daerah Pribadi. Cara mengaktifkan dukungan cookie.