Forex: GBP/USD pressured ahead of Europe
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GBP/USD
FXstreet.com (San Francisco) - After a period of consolidation in early Asia, GBPUSD is under slight bear pressure heading into the European session, having traded down to an intraday low of 1.6025 from an earlier high of 1.6055.
GBP gained amid broadbased USD weakness on Thursday, and "While the pair may have find a medium term bottom at 1.5970 weekly high, a break above 1.6065 would help confirm more advances in the upcoming sessions," says Valeria Bedanrik, Chief Analyst at FXstreet.com.
On the data front, we have industrial production figures from the eurozone for August today, which is expected to shed light on the economy's momentum half-way through Q3. In the US, the University of Michigan's consumer sentiment survey is on offer; consumer confidence is expected to hold steady at 78.0 after the 78.3 reading in September.
Domestically, there has recently been concern expressed out of the BoE from one of the more hawkish members of the MPC about inflation missing the central bank's 2.0% target. "Such concern is important given that the next BoE policy decision coincides with the completion of the current expansion in QE," explains Eric Theoret, Currency Strategist at Scotiabank.
GBP gained amid broadbased USD weakness on Thursday, and "While the pair may have find a medium term bottom at 1.5970 weekly high, a break above 1.6065 would help confirm more advances in the upcoming sessions," says Valeria Bedanrik, Chief Analyst at FXstreet.com.
On the data front, we have industrial production figures from the eurozone for August today, which is expected to shed light on the economy's momentum half-way through Q3. In the US, the University of Michigan's consumer sentiment survey is on offer; consumer confidence is expected to hold steady at 78.0 after the 78.3 reading in September.
Domestically, there has recently been concern expressed out of the BoE from one of the more hawkish members of the MPC about inflation missing the central bank's 2.0% target. "Such concern is important given that the next BoE policy decision coincides with the completion of the current expansion in QE," explains Eric Theoret, Currency Strategist at Scotiabank.
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