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GBP/USD Range Trading to Persist

  • May 11, 2021
    GBP/USD can be expected to trade between 1.38 and 1.40 in the days
    ahead unless the Bank of England‘s monetary policy committee is more
    aggressive on policy than analysts are expecting. A small tightening of
    policy is predicted via a minor tapering of the BoE’s asset-purchase
    program but a more combative move is not impossible given the extent of
    the UK economys recovery in the current quarter.To get more news about WikiFX, you can visit wikifx.com official website.




      The risk for GBP/USD is therefore tilted to the upside, with the
    February 24 high at 1.4242 a possible longer-term target if 1.40 were to
    break conclusively.  Domestically, Thursdays other main focus will be
    elections for the Scottish and Welsh devolved authorities, a by-election
    in Hartlepool and elections in England for many councils, city mayors,
    and police and crime commissioners. These are not likely to have an
    impact on GBP though, particularly as the results will dribble out over
    several days.

    GBP/USD continues to trade within the broad 1.38 to 1.40 range in place since April 16 and will likely continue to do so.




      That‘s unless the Bank of England’s rate-setting monetary policy
    committee is more aggressive than expected after its meeting that ends
    Thursday.