With Brexit well underway and with everything more or less decided, there is not much uncertainty left in the markets. The question now is: Has the GBP bottomed out and is it set for a rebound?
GBP/USD was little changed this morning but up 0.9% so far this week as solid UK data prompted market participants to wind back expectations of a rate cut by the Bank of England at its policy meeting next week. I will be offering a free live BDSwiss webinar during the BoE monetary meeting next week, with any hawkish hints bound to push the sterling higher, it’s a key event to trade. You can join me for free by signing up for the BoE webinar next Thursday at 11:45 GMT.
The Pound has not shown significant weakness further and the market might break higher again. Resistance at 1.3100 has been broken and the break of 1.3150 resistance could spark a move towards the 1.3330 level.