GBP/USD bulls moving in with eyes back to 1.1920/30s – by fx_ross GBPUSD DollarIndex CentralBanks Currencies BOE
is expected to lift rates by 75 basis points at its July 26-27 meeting. Fed funds futures traders are pricing for its benchmark rates to rise to 3.49% by March, from 1.58% now.
The inflation data that is due on Wednesday is this week’s major US economic focus and economists polled by Reuters expect the index to show that consumer prices rose by an annual rate of 8.8% in June. For the UK, growth data will be important. Analysts at TD Securities expect Gross Domestic Product to fall for the third consecutive month as the cost-of-living crisis continues to weigh on household spending. ''We look for a 0.2% decline in services and a 0.3% m/m fall in manufacturing .
"I always go into forecasts with an open mind, and that's critical, but I think the basic fundamentals of that profile remain in place today," the top central banker told lawmakers. ''Inflation was likely to be back at its 2% target in around two years' time, he added. Meanwhile, net short GBP positions have increased moderately last week counter to the recent trend. ''More political scandal had begun to descend on UK PM Johnson at the start of last week which culminated in his resignation. Looking ahead, hopes of a more coherent government are likely to mingle with uncertainties about the policies of Johnson’s successor, suggesting that GBP may lack direction near term,'' analysts at Rabobank explained. Friday's London session lows of 1.
The price has pierced the round 1.1900 level, but the tied is turning which leaves the buys stops above vulnerable with the 38.2% Fibonacci in confluence with the neckline of the M-formation, Friday's London sesison lows and a price imbalance in the hourly chart between the 1.1920/30s.
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