Forex Marketz Daily Forex News – Fully Markets Update
GBP/USD a little chop on non eventful FOMC
FXStreet (Guatemala) – GBP/USD is currently trading choppy with a high of 1.5691 and a low of 1.5586.
GBP/USD is bid on the back of the FOMC statement that inflation is expected to hit 2% medium term, with an unanimous decision to hold rates. Further job market improvement is needed before rates can rise and there was no indication that September was in mind for a rate hike, so we are seeing some dollar weakness.
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Before the FOMC GBP had been outperforming until supply at 1.5680 zone driven by its own stronger than expected consumer credit and mortgage approvals data and markets in anticipation of a rate hike from the BoE. Next week we are looking towards Thursday’s BoE events that are including the highly anticipated inflation report.
GBP/USD technically neutral
Analysts at Scotiabank explained the GBPUSD short-term technicals: “Neutral — momentum indicators are neutral bullish and GBP is above its short-term MA’s. We await a break of the recent range, with bullish confirmation on a test of 1.5680 and a bearish confirmation on a decline to 1.5450.”
