Overall, GBP/USD is trending upwards. Recently, GBP/USD has been ranging across.
Yesterday, the Bank of England (BoE) held interest rates unchanged at 0.1% and kept its monetary policy on status quo. The central bank gave a more optimistic short-term outlook of the UK’s economic growth with the current projection of a 9.5% shrink in 2020 as compared to the 14% shrink projection back in May. BoE Governor Andrew Bailey also highlighted that although negative interest rate is an available option, the central bank has no intention to reduce rates below zero.
The UK Construction PMI data (Actual: 58.1, Forecast: 57.0, Previous: 55.3) released yesterday indicated further expansion in the construction sector in July due to strong increase in house building.
GBP/USD’s next support zone is at 1.30000 and the next resistance zone is at 1.32000.
Look for short-term buying opportunities of GBP/USD up until the release of the U.S. jobs report at 2030 (SGT).
Yesterday, the Bank of England (BoE) held interest rates unchanged at 0.1% and kept its monetary policy on status quo. The central bank gave a more optimistic short-term outlook of the UK’s economic growth with the current projection of a 9.5% shrink in 2020 as compared to the 14% shrink projection back in May. BoE Governor Andrew Bailey also highlighted that although negative interest rate is an available option, the central bank has no intention to reduce rates below zero.
The UK Construction PMI data (Actual: 58.1, Forecast: 57.0, Previous: 55.3) released yesterday indicated further expansion in the construction sector in July due to strong increase in house building.
GBP/USD’s next support zone is at 1.30000 and the next resistance zone is at 1.32000.
Look for short-term buying opportunities of GBP/USD up until the release of the U.S. jobs report at 2030 (SGT).