GBPUSD: Bullish consolidation in short term?
Updated
The technical structure on intraday chart still remains interesting in the short term. From a technical point of view, the pair could still trigger an interesting bullish swing if it manages to stay above wave 1.
Trade with care
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Trade with care
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Note
🔴 Sterling hit a fresh 2-1/2-month high versus the euro as markets increased their bets on European Central Bank (ECB) rate cuts while remaining roughly unchanged on the Bank of England (BoE) policy path.The pound was slightly higher versus the dollar after recording the day before its biggest monthly gain in a year, given pressure on the U.S. currency from growing expectations the Federal Reserve will lower rates earlier than many other central banks. BoE's policymaker Megan Greene said late on Thursday UK rates might have to stay high for an extended period as she was more worried about persistently high inflation than some recent data suggesting the economy is in a downturn.
While markets discount a chance of a BoE rate cut in August 2024, they fully price the first ECB policy rate reduction in April 2024 and cumulative 110 bps by the end of next year.
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