British Pound Technical Analysis: GBP/USD, GBP/JPY, EUR/GBP
The British Pound continues to get pushed by headlines but GBP/USD remains in a consolidation pattern for now, even as GBP/JPY has put in a massive move.
The British Pound continues to get pushed by headlines but GBP/USD remains in a consolidation pattern for now, even as GBP/JPY has put in a massive move.
An event-filled week is ahead, with Chinese GDP data, US PMIs, and rate decisions from the Bank of Canada and European Central Bank filling the docket. That should keep volatility elevated.
Quarterly results from Alphabet, Microsoft, Meta Platforms, Apple and Amazon will take center stage next week as the Fed’s blackout period temporarily reduces attention on monetary policy.
USD/CAD may attempt to retrace the decline from the yearly high (1.3978) as the Bank of Canada (BoC) is expected to deliver a smaller rate hike.
The Euro is facing an anticipated 75-basis point rate hike from the European Central Bank in the week ahead. Despite recession woes, the ECB will likely press on to fight persistent inflation.