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GBPUSD Tests 1.30 Ahead of BoE Decision

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The pound is nearing another milestone in its recovery against the dollar, with the currency approaching the $1.30 level for the first time since September.

Sterling rose against most of its major peers Wednesday and is this year’s best-performing Group-of-10 currency, even as the fallout from Britain’s decision to leave the European Union is starting to show in economic data. This has kept the Bank of England from lifting interest rates despite rising inflationary pressures.

The central bank is scheduled to release its policy decision Thursday alongside its quarterly Inflation Report. The BOE will lift its 2017 inflation forecasts and lower its growth projections this week, according to economists surveyed by Bloomberg, but whether this will mean more Monetary Policy Committee members opting for a hawkish dissent is unclear.

Bloomberg

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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