There were no data releases from the UK today, with Sterling being traded a bit above 1.29 handle. Bank of America FX Strategy Research noted on Friday that GBP has been broadly lower in the aftermath of the BoE decision with some of the main pairs having failed to break through resistance in recent weeks. Looking ahead, with a key event risk now out of the way, the focus for FX markets shifts to UK data-watching with CPI and retail sales both released next week.
"UK data surprises continue to mean-revert downwards. With positioning now much cleaner than has been in recent weeks, the risks to GBP are more symmetric," BofAML adds. "Heading into a busy schedule for data which is showing further signs of weakness and the June 8th General Elections, we believe that GBP faces near-term headwinds and our bias would be to sell on rallies in the coming weeks," BofAML recommends.
Last modified on Monday, 15 May 2017
UK still likely to leave the EU with a negotiated agreement, says Number 10
Sentix Investors Confidence rose to 14.7 in August
German factory orders -4.0% seasonally adjusted on the previous month
China's July exports growth still seen holding up despite U.S. tariffs: Reuters poll
Forex Web News is part of Rolling Capital Network providing financial consulting.
Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.
Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.
All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.
We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.
Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.