GBP/USD Weekly Forecast: UK GDP, Delta covid strain woes may exacerbate BOE-led pain

GBP/USD hit by dovish BOE, Delta plus covid strain despite Fed’s mixed signals. The cable’s fate hinges on UK quarterly GDP, Brexit updates and US data. GBP/USD decline is far from over, speculative interest aims to 1.3660. Central banks’ monetary policy signals from both sides of the Atlantic dominated GBP/USD’s price action in the aftermath of the Fed-led 300-pip blow witnessed a week ago. Going forward, GBP/USD will look for some temporary reprieve from the UK’s quarterly GDP amid renewed Brexit optimism. However, the rapid spread of the Delta plus covid strain in Britain could threaten the already delayed economic reopening, which may exacerbate the pain in the pound. Read more…

GBP/USD faces resistance near 1.3930, holds to modest weekly gains

Pound still weak across the board after the dovish hold from the Bank of England. GBP/USD up for the week, still under the 20-WMA. The GBP/USD trimmed losses during Friday’s American session, boosted by a decline of the US dollar across the board. Cable rose back above 1.3900 and climbed to 1.3930. It continues to move sideways, with the pound being the weakest among the G10 space. Read more…

GBP/USD Forecast: Upside looks capped by 1.4000 so far

GBP/USD flirts with the 1.3900 neighbourhood on Friday. The pound remains under pressure following the BoE event. UK’s GfK Consumer Confidence came in at -9 in June. The sterling extends the recent bearish shift, as investors continue to assess the BoE monetary policy meeting. In fact, GBP/USD recedes from weekly peaks around the psychological 1.4000 zone after the “Old Lady” caught markets off guard and delivered a dovish message at its event on Thursday. Read more…