The GBP/USD remains silently well backed while benefiting from a stronger euro, says the FX analyst of ING, Chris Turner.
The cable will be negotiated within the range of 1,3500-1,3600
“As an important reserve currency, the sterling pound (GBP) in theory should benefit from any disdaining flow. And with deposit rates to a week in 4.25%, the pound is also considered an attractive alternative to the dollar during calm market conditions, as now.”
“This week’s calendar for the Libra is the employment data tomorrow and the review of the United Kingdom government spending on Wednesday. None of these should be a radical change for the pound.”
“The cable is expected to be negotiated in a range of 1,3500-1.3600, although there will be some downward risks at some point if we are right with our forecast of two rate cuts of 25 basic points of the Bank of England this year. Currently, the market includes in the price only 36 basic points of rates cuts this year.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
