Pound Sterling Price News and Forecast: GBP/USD falls to three week low on dovish steer in rate outlook
|GBP/USD outlook: Cable falls to three week low on dovish steer in rate outlook
Cable remains firmly in red and accelerated lower on Thursday morning, falling over 1% for the session.
Sterling came under increased pressure from dovish comments from BoE Governor Bailey, who said the central bank could be more aggressive on rate cuts, adding to expectations for 25 basis points cut at the November 7 policy meeting. Read more...
GBP/USD Forecast: Sellers ignore oversold conditions after BoE Governor Bailey remarks
GBP/USD came under heavy bearish pressure and slumped toward 1.3100 in the European morning on Thursday, touching its weakest level in three weeks in the process. The near-term technical outlook points to oversold conditions but the pair could have a difficult time staging a decisive correction.
The US Dollar preserved its strength and forced GBP/USD to stays on the back foot on Wednesday after the data published by the Automatic Data Processing (ADP) showed that employment in the private sector rose by 143,000, surpassing the market expectation of 120,000. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.