There are central bank policy decisions for both sides of GBP/USD in the next forty-eight hours
The Federal Reserve will go first, on Wednesday. The Bank of England follows up a day later. Neither outfit is expected to alter its monetary settings but the big question for both as far as markets are concerned will be ‘when are rate cuts coming?’stickier than expected. Given that the Fed may leave markets with the impression that, while borrowing costs will probably still fall this year, they will do so later and to a lesser extent than investors thought back in January.
The ‘hold’ camp is tipped to win again this month. The BoE and the markets will get a look at official UK inflation numbers on Wednesday. They’re forecast to show a continued deceleration and, if they do, their effect on monetary-policy expectations should be minimal. Watch out for any unexpected strength though. That could give the Pound a bit of support.The Pound is clearly under a bit of pressure on the daily chart, as the technical picture matches the fundamental one.
Bulls will want to get the rate back above February 1’s intraday peak of 1.27540 if they’re going to have another try at the range top.
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