GBP/USD Daily Price Forecast – The Cable Bulls Buckle-up Ahead of BoE’s Interest Rate Decision
After the release of the neutral FOMC meeting minutes, the GBP/USD had dropped 0.46 percent in the last NA session. Anyhow, the Cable managed to hit the opening bell on Thursday morning near 1.3052 levels. During the initial hours, the pair had showcased a range bound performance sustaining within 1.3049 and 1.3061 levels.
The critical event that will have a significant impact on the Pound pair is the BoE’s Rate decision. There remains a higher possibility of a steady interest to sustain this time. The BoE seems to keep the rates unchanged until the end of 2019. And, a requirement for a rate hike may arise post-Brexit. However, UK economic reports showed poor unemployment figures and wages, demanding an interest upliftment.
Karen Jones, analyst at Commerzbank, suggests that the GBP/USD pair has recently eroded its short term downtrend
“The intraday Elliott wave count has turned more positive and we would allow for gains to the 1.3126/1.3188 50% and 61.8% retracements.”
Long above 1.2980 with targets 1.3126 & 1.3188 in extension
Short below 1.2960 with 1.2865 in extension
GBP/JPY technical analysis: 61.8% Fibo. acts as immediate upside barrier
Long above 145.85 with targets 146.30 & 147.00 in extension
Short below 144.70 with 144.00 as target
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