09 February 2024, GBP/USD
GBPUSD:
The GBP/USD pair is failing to take advantage of yesterday's 50-pip rebound from the 1.2570 area and is trading in a narrow range during Friday's Asian session. Spot prices are currently near the upper limit of the weekly range, around 1.2620, and are supported by a slight decline in the US Dollar (USD).
The increasing likelihood of a Bank of England (BoE) interest rate cut in 2024 is preventing traders from making overly bullish bets on the British Pound (GBP). Last week, Bank of England Governor Andrew Bailey stated that the situation is improving and that the current interest rate level remains appropriate. Additionally, Bank of England Chief Economist Hugh Pill suggested earlier this week that the interest rate could decrease this year as a reward to the economy for lower inflation.
Traders may wait for important macroeconomic data next week, including UK employment data and the latest US consumer inflation data on Tuesday. UK business activity index data, preliminary fourth quarter GDP data, and monthly retail sales data will follow on Wednesday, Thursday, and Friday respectively. However, due to the mixed fundamental backdrop, it is advisable to wait for strong follow-through buying before making new bullish bets.
Trade recommendation: Trading in a narrow range of 1.2600-1.2650
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