British pound (GBP) price outlook
- During a shortened holiday week, volatility may increase.
- The BoE and local elections are leading the domestic agenda.
GBP / USD has remained in a fairly narrow trading area over the past two weeks and may change next week as different financial and political risks collide. The public holiday, which was cut short this week, includes the latest Bank of England (BoE) monetary policy decision and Thursday’s economic updates, which could see the central bank tightening policy by reducing the rate of UK bond purchases on the remaining shares. year. There will also be local elections in the UK on Thursday, and special attention must be paid to the Scottish elections, where a majority in the SNP could put IndyRef2 back on the agenda. At the end of the week, the latest US job data is likely to confirm the continued strength of the US economy, likely to provide a return supply.
DailyFX analyst Justin McQueen looks closely at potential Sterling winds next week GBP Basic forecast posted later today.
See all economic data and events in the market in real time DailyFX calendar.
Daily schedule GBP /USD the chart shows the cable currently traded between 1.3850-1.4010 and the positive mood at the still rising trend line. This range needs to be convincingly broken – close and open, either above or below resistance or support – to reverse the recent trend before next week’s data and events come into play. The fund’s month-end repositioning flows are considered to be marginally positive for GBP / USD today at 15:00 GMT, while US PCE (12:30 GMT) and Michigan consumer sentiment (14:00 GMT) have also been released. today and should be closely monitored.
GBP / USD daily price chart (October 2020 – April 30, 2021)
Retailer details show 50.75% of traders are net long, the ratio of long to short traders is 1.03: 1.We usually view the crowded situation of the crowd and the fact that traders are net long indicates a continued decline in GBP / USD prices.
Traders are less than last week compared to last week. Recent mood swings warn that the current GBP / USD price trend may change soon on the contrary, higher despite the fact that traders remain net long.
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