Pound Sterling Price News and Forecast: GBP/USD retreats from 1.3760 to 1.3710 despite increasing bets of a BoE’s hike rate

GBP/USD Forecast: Will the British pound look past Brexit developments?

GBP/USD has been moving in an ascending channel since late September. UK’s Frost says there is still a gap between the EU and the UK negotiating positions. Near-term technical outlook points to additional gains as long as 1.3700 support holds. The GBP/USD pair preserved its bullish momentum in the second half of the previous week despite the dollar’s resilience and has gone into a consolidation phase above 1.3700 on Monday. Read more…

GBP/USD outlook: Cable is consolidating under new one-month high

Cable is consolidating under new one-month high (1.3773) in early Monday, following last week’s 0.55% advance and weekly close above double-Fibo barriers at 1.3721 (61.8% of 1.3912/1.3411) and 1.3731 (61.8% of 1.4249/1.3411) that generated bullish signal. The sentiment remains strong  as hopes for BoE rate hike as early as November were boosted by hawkish comments from Governor Bailey, who said that the central bank is gearing up for the first rate hike after pandemic on mounting inflation risk. Read more…

GBP/USD retreats from 1.3760 to 1.3710 despite increasing bets of a BoE’s hike rate

The British pound declines despite BoE’s Governor Bailey hawkish comments. The market sentiment is downbeat, as European stocks print losses, like US stocks, except for the Nasdaq. BoE’s Andrew Bailey said that central banks need to prevent higher inflation expectations from becoming permanent. The British pound is sliding during the New York session, down some  0.23%, is trading at 1.3712 at the 2time of writing. Surging energy prices, higher inflationary pressures witnessed on the last CPI readings in developed country’s economies, and central banks tightening monetary policy dented the market sentiment. Read more…