- GBP/USD falls to 1,2964, reversing the rebound after BOE while the rates are stable with indications of a future cautious relief.
- The MPC shows division; Dhingra votes in favor of a 25 basic points cut, while others advocate for a gradual change in politics.
- The US data show weakness with the increase in unemployment applications and a decrease in the FED FED index of Philadelphia.
The sterling pound (GBP) depreciated against the US dollar (USD) after the Bank of England (BOE) decided to keep the rates without changes and warned about cuts in interest rates due to “much economic uncertainty at this time,” said the governor of the BOE, Andrew Bailey. At the time of writing, the GBP/USD is quoted at 1,2964, with a fall of 0.29%.
Libra falls 0.29% while Bailey warns of economic uncertainty, dissidents within the BOE arise
The operators are still digesting the decision of the BOE, which was not unanimous, with the member of the Monetary Policy Committee (MPC) Swati Dhingra being the dissident, voting in favor of a cut of 25 basic points (PBS).
In his monetary policy statement, the bank maintained that “a gradual and careful approach towards policy restriction remains appropriate.” The BOE reiterated that monetary policy does not follow a pre -established course and added that internal salary pressures remain high, although they are moderating.
BOE officials indicated that labor costs promoted the increase in non -energy goods prices and stressed that surveys suggest weak economic growth.
Initially, the GBP/USD torque reached a maximum of 1,2979 before reversing its course and re -testing the daily minimum of 1,2935. Until now, the PAR has stabilized about 1,2960, but remains below its opening price.
On the other side of the Atlantic, the initial unemployment requests for the week that ended on March 15 increased from 221k to 223k, but were below the 224K forecasts. Other data showed that business activity is deteriorating, with the FED Fed Index of Philadelphia falling from 44.3 to 18.1 in February.
GBP/USD price forecast: Technical Perspectives
The GBP/USD seems to have reached a peak about 1.3000. The price action of Thursday is forming a sailing graphic pattern ‘Bassist envelope’, indicating that buyers are withdrawing risks while the vendors are entering, pushing the price upward downwards. If the GBP/USD closes below the minimum of 1,2951 of March 18, this could exacerbate a setback to test 1,2900, followed by the simple mobile average (SMA) of 200 days in 1,2796. On the other hand, buyers who claim 1.3000 could challenge the November peak in 1,3047.
LIBRA ESTERLINA PRICE TODAY
The lower table shows the percentage of pounding sterling (GBP) compared to the main currencies today. Libra sterling was the strongest currency against the New Zealand dollar.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.60% | 0.31% | 0.04% | 0.13% | 1.01% | 1.22% | 0.68% | |
| EUR | -0.60% | -0.31% | -0.55% | -0.47% | 0.39% | 0.61% | 0.09% | |
| GBP | -0.31% | 0.31% | -0.25% | -0.18% | 0.70% | 0.92% | 0.38% | |
| JPY | -0.04% | 0.55% | 0.25% | 0.07% | 0.94% | 1.14% | 0.70% | |
| CAD | -0.13% | 0.47% | 0.18% | -0.07% | 0.87% | 1.08% | 0.55% | |
| Aud | -1.01% | -0.39% | -0.70% | -0.94% | -0.87% | 0.22% | -0.31% | |
| NZD | -1.22% | -0.61% | -0.92% | -1.14% | -1.08% | -0.22% | -0.56% | |
| CHF | -0.68% | -0.09% | -0.38% | -0.70% | -0.55% | 0.31% | 0.56% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the sterling pound from the left column and move along the horizontal line to the US dollar, the percentage change shown in the box will represent the GBP (base)/USD (quotation).
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.
