So my overall sentiment for GBPUSD is bearish. For now.
The fundamentals are weak, and it seems as though the USD is continuing to gain strength, as uncertainty and weakness in the GBP economy remains.
For now, I expect to see a slight pull back before technical's take over and the market rally's down levels around 1.307.
The interest rate decision will stay on hold for now, as I expect the speech would drive more volatility as it will contain insight on the performance of the economy from the BOE's perspective. Confirmation of the economy regaining strength is vital before any IR rate hikes are announced.
The fundamentals are weak, and it seems as though the USD is continuing to gain strength, as uncertainty and weakness in the GBP economy remains.
For now, I expect to see a slight pull back before technical's take over and the market rally's down levels around 1.307.
The interest rate decision will stay on hold for now, as I expect the speech would drive more volatility as it will contain insight on the performance of the economy from the BOE's perspective. Confirmation of the economy regaining strength is vital before any IR rate hikes are announced.