19 November 2024, GBP/USD
Event to pay attention to today:
13:00 GMT+3. GBP - Monetary Policy Report Hearings GBPUSD:
UK CPI inflation data will be released mid-week.
GBP/USD rose 0.5% on Monday, kicking off the new trading week with a bullish recovery that ended a six-day losing streak and trimmed recent losses, sending price action back towards 1.2700. The rise in quotes is attributed to a general easing of the US dollar's lopsided momentum rather than the inherent strength of the pound. Pound sterling traders are lurking in anticipation of fresh inflation data (consumer price index) in the UK this week.
The Bank of England (BoE) will warm up the market on Tuesday as the UK central bank is scheduled to hear the latest monetary policy report, but GBP traders will focus on the UK Consumer Price Index for October released on Wednesday. Markets are forecasting that UK annual CPI inflation will accelerate to 2.2% y/y in October from a previous reading of 1.7%, while UK core CPI is expected to remain unchanged at 3.2% y/y.
Markets are getting a nice respite from important economic data from the US this week, but traders should keep an eye on Friday's UK retail sales data as well as the S&P Purchasing Managers' Index (PMI) data due for release to round out the trading week.
Trading recommendation: Trade mainly with Buy orders from the current price level.
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