⚡️The GBP/USD pair continued to struggle to gain any meaningful traction and weakened near its lowest since early June touched on Monday. Spot prices are currently trading around the 1.2380-1.2375 region and appear susceptible to an extension of the recent downward trajectory witnessed over the past two months or so.
⚡️Growing expectations that the Bank of England (BoE) is nearing the end of its interest rate hike cycle continue to weaken the British Pound (GBP) and act as a drag on the GBP/USD pair. On the other hand, the US Dollar (USD) remained on the defensive below six-month highs set last week and helped limit losses to spot prices. Traders also appear reluctant to bet aggressively and prefer to wait on the sidelines ahead of this week's key central bank event risks - the highly anticipated FOMC decision on Wednesday and its meeting BoE keynote on Thursday.
⚡️ This model also describes clearly, 5 elliot waves . We can completely trust this model.
⚡️Growing expectations that the Bank of England (BoE) is nearing the end of its interest rate hike cycle continue to weaken the British Pound (GBP) and act as a drag on the GBP/USD pair. On the other hand, the US Dollar (USD) remained on the defensive below six-month highs set last week and helped limit losses to spot prices. Traders also appear reluctant to bet aggressively and prefer to wait on the sidelines ahead of this week's key central bank event risks - the highly anticipated FOMC decision on Wednesday and its meeting BoE keynote on Thursday.
⚡️ This model also describes clearly, 5 elliot waves . We can completely trust this model.
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⚡️The plan is still active
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⚡️Fed pause expected, but inflation points to hawkish outlook
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⚡️GBP/USD edged lower for the second day in a row and hit a new multi-month low.
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⚡️The BoE has often seemed hesitant over the past months and has ultimately only reacted to inflationary pressures. It is therefore quite possible that it will announce a surprise rate pause while keeping the possibility of a rate step later in the year open. However, we assume that the BoE is more likely to take another rate step while at the same time sounding more dovish. It could for example hint that interest rates have now peaked
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⚡️At the end of week 38, everything was still according to plan
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⚡️Mixed PMIs for the US saw the USD take a step back, but Pound Sterling traders couldn't capitalize.
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⚡️The UK's Bank of England (BoE) came in dovish this week after British inflation came in much lower than previously anticipated. The BoE held its benchmark rate at 5.25%, waffling on a market-expected 25-basis-point increase to 5.5%.
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⚡️GU touches hard support
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⚡️The major traders with losses of 0.16%, as central bank divergence an interest rate differentials favor the Greenback. The DXY hit a new YTD high at 106.09, reflecting US strong economy, as soft-landing prospects grow.
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⚡️ GBP has broken out of the hard support zone
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⚡️ Pound Sterling faces an intense sell-off as the UK economy is exposed to a possible recession. The BoE seems done with hiking interest rates as UK Services PMI contracts.
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⚡️In the view of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, GBP/USD could now trade between 1.2100 and 1.2380 in the next few weeks.
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