GBP is inconsistent. Overview for 12.04.2023
The British pound against the US dollar is balancing at zero gravity. The current quote is 1.2446.
The pound looks extremely discursive. It has strong fundamental support in the form of new British trade agreements and the weakness of the US dollar. However, investors seem unwilling to use these factors. At the same time, the employment market and real estate problems can drag the GBP deeper down. But this scenario does not look appealing to market participants either.
Today the head of the Bank of England Andrew Bailey is going to give comments. The exact topic of his speech is yet unknown but perhaps the monetary politician will give some signals about the future steps concerning the interest rate.
The main flow of British statistics is scheduled for Thursday. The market is looking forward to the industrial production report and its components; things are going to be interesting. Averaged expectations demonstrate certain growth of figures there. Moreover, Britain will present the GDP report for February: the economy could have grown by 0.1% m/m after increasing by 0.3% in January.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
The material presented and the information contained herein is intended for our customers, and is for information purposes only and in no way should be considered as the provision of investment advice for the purposes of Investment Firms Law L. 87(I)/2017 of the Republic of Cyprus or any other form of personal advice or recommendation, which relates to certain types of transactions with certain types of financial instruments.