Start
trading

Main >
Analytics
>
Fresh forecast
>
Forex Fundamental Analysis
>
The pound recouped Thursday's losses

The pound recouped Thursday's losses | 23 August 2024

23 August 2024, GBP/USD

The pound recouped Thursday's losses

Events to watch out for today:

17:00 GMT+3. USD - Chairman of the Federal Reserve Board of Governors Jerome Powell will deliver a speech

22:00 GMT+3. GBP - Governor of the Bank of England Andrew Bailey will deliver a speech

GBPUSD:

The GBP/USD pair traded in positive territory for the seventh consecutive day near 1.3105 in the early European session on Friday. Investor confidence that the US Federal Reserve (Fed) will begin easing monetary policy at its upcoming September meeting continues to undermine the US Dollar as a whole.

Speeches from Bank of England (BoE) Governor Andrew Bailey and Fed Chairman Jerome Powell at a symposium in Jackson Hole on Friday will be in the spotlight and may provide a clearer picture of the interest rate trajectory. Minutes from the 30-31 July FOMC meeting showed that most Fed policymakers supported a rate cut next month amid progress in bringing inflation down to target. On Thursday, Boston Fed President Susan Collins said it would soon be appropriate to start cutting rates as inflation data is consistent with greater confidence that inflation will return to 2 per cent.

On the other hand, investors slightly pushed back their expectations for a Bank of England (BoE) interest rate cut in September following favourable purchasing managers' index (PMI) reports. This in turn further strengthened the Pound Sterling (GBP) against the US Dollar. Data released by the Chartered Institute of Purchasing and Supply and S&P Global on Thursday showed that the preliminary UK PMI exceeded expectations, jumping to 53.4 in August from 52.8 in July.

Meanwhile, the manufacturing PMI rose to 52.5 in August from 52.1 previously, better than the 52.1 expected. The services business activity index rose to 53.3 in the same month from 52.5 in July, beating the consensus forecast of 52.8. After the PMI data released on Thursday, the probability of a Bank of England rate cut in September is less than 30%.

Trading recommendation: Trade predominantly with Buy orders from the current price level

Connect Drawdown bonus 101% and trade with double deposit! Bonus funds will help you increase your profits or withstand a sudden drawdown!

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in

Tunjukkan kata laluan

Hide password

 Terlupa kata laluan anda?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.