Pound Stable Despite Favorable Data; Focus on Inflation Figures

Aug 11, 2023

Despite the encouraging data, the pound shows minimal movement during early trading. The British Pound is trading at 1.2715 against the US dollar, showing a modest increase of around 0.3%, and it holds a slight improvement of about 0.15% against the Euro at 0.640. Today's developments will likely be welcomed by the Bank of England, offering considerations for the upcoming monetary policy meeting. If the forthcoming CPI figures next week exhibit a notable deceleration in UK inflation, the Monetary Policy Committee (MPC) could opt to maintain the current interest rates in the subsequent meeting. While the positive economic momentum could provide support for the pound, the potential decision to leave rates untouched presents a significant dependency on data. In such a scenario, the British Pound might encounter challenges in upward movement over the coming weeks.

GBPUSD BUY LIMIT 1.2680 - 1.2660 💯💯

✅TP1: 1.2720
✅TP2:1.2750

🛑SL 1.2650