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GBP trades sideways ahead of monetary policies by the Fed and the BoE – Crypto News
GBP/USD Forecast: Buyers hesitate as Pound Sterling fails to hold above 1.2700
GBP/USD closed the first day of the week virtually unchanged but came under modest bearish pressure early Tuesday. The pair trades below 1.2700 in the European session and the technical outlook points to a lack of buyer interest.
The cautious market stance supports the US Dollar (USD) and makes it difficult for GBP/USD to gain traction early Tuesday as investors remain concerned about a deepening conflict in the Middle East. Reflecting the sour mood, US stock index futures trade in negative territory. Meanwhile, the UK’s FTSE 100 Index opened higher before retreating modestly. Read more…
Pound Sterling trades in a tight range as focus remains on Fed-BoE monetary policies
The Pound Sterling (GBP) trades in a limited zone as investors step to the sidelines ahead of a busy week. The GBP/USD pair struggles for a direction ahead of the interest rate decisions by the Bank of England (BoE) and the Federal Reserve (Fed), which are expected to leave rates unchanged for the fourth time in a row.
While the BoE is expected to hold steady, guidance on the interest rate outlook will be the key factor for further action in the Pound Sterling. The BoE is in a balancing act between vulnerable economic conditions in the domestic and the overseas market and stubborn price pressures. The maintenance of higher interest rates for a longer period by the BoE could dampen labor market and demand conditions while a dovish signal will ramp-up price pressures again. Read more…
GBP/USD Price Analysis: Oscillates in trading range above 1.2700 ahead of Fed, BoE rate decision
The GBP/USD pair remains confined in a narrow trading range above the 1.2700 mark during the early European trading hours on Tuesday. Investors prefer to wait on the sidelines ahead of key events from the Federal Reserve (Fed) and the Bank of England (BoE). At press time, GBP/USD is trading at 1.2708, down 0.02% on the day.
The Fed is widely anticipated to hold benchmark interest rates steady at a 23-year high of 5.25–5.50% at its January meeting on Wednesday, after a lengthy effort to tame rampant inflation. Meanwhile, the BoE is expected to keep rates steady. Nonetheless, signs that the inflation crisis is easing off might convince the UK central bank to lower rates after all. Read more…
