Will the Bank of England step out?


GBP/USD drops further to 1.3890, but secures weekly gains

Dollar gains momentum late on Friday and trims weekly losses. Cable heads for biggest weekly gain since May. Next week’s key events: NFP and Bank of England meeting. The GBP/USD failed to hold to gains on Friday and tumbled to 1.3890, reaching the lowest levels since Wednesday. Despite the decline, cable is about to post the biggest weekly gain since early May, boosted by a weaker US dollar across the board. Read more…

GBP/USD Weekly Forecast: Will the Bank of England step out?

Improving COVID and strengthening economy encourage sterling. BoE meeting next week brings rate hike speculation. The contrast between Federal Reserve and BOE policies benefits the pound. The rapidly improving coronavirus situation in the UK, a strengthening economy and rising inflation helped propel the sterling to its best close against the US dollar in a month. The GBP/USD rose 1.2% on the week, is up 2.1% since its low of 1.3628 eight sessions ago and reversed on Friday just shy of the 61.8% Fibonacci retracement of the May 31 to July 20 4.1% decline. Read more…

GBP/USD Analysis: Bulls remain in control, move beyond 1.4000 mark awaited

The GBP/USD pair reversed an intraday dip to the 1.3935 region and turned positive for the fifth consecutive session on Friday. The uptick pushed the pair back closer to the highest level since June 24 touched in the previous session and was sponsored by a combination of factors. The British pound has been one of the top-performing major currencies this week and was supported by falling COVID-19 cases in the UK. Read more…