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...
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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...
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