GBP/USD: 1.2600-1.2800 LOOKS LIKE A LIKELY NEAR-TERM – ING
Hot UK inflation data helped diminish the odds of a BoE rate cut in the first half of this year, lifting the Pound Sterling (GBP). Economists at ING analyze GBP outlook.
BoE repricing gives Sterling a lift
Investors took about 20 bps out of the 2024 Bank of England easing cycle on Wednesday. That move supported Sterling across the board.
It looks like we will probably have to cut our EUR/GBP forecasts soon. Our current forecasts of a move up to 0.8800 later this quarter and 0.9000 later this year look too aggressive.
The inflation data also helped GBP/USD hold support at 1.2600 on Wednesday and 1.2600-1.2800 looks like a likely near-term range until the broader Dollar trend resolves itself.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.