Overall, GBP/USD is trending downwards. Recently, GBP/USD bounced off the support zone of 1.30400 and broke above the key level of 1.31.
The Bank of England (BoE) will be announcing their monetary policy later at 2000 (GMT+8). It is expected that the central bank will be hiking interest rate by 0.25%. If the central bank carries out a 0.50% rate hike, this will likely lead to the strengthening of GBP. Pay attention to the BoE’s view on how the ongoing Russia-Ukraine war can impact any further rate hikes in the future. Also, take note of any plans from the central bank regarding corporate bond sales.
GBP/USD’s next support zone is at 1.30400 and the next resistance zone is at 1.32200.
Look for short-term buying opportunities of GBP/USD.
The Bank of England (BoE) will be announcing their monetary policy later at 2000 (GMT+8). It is expected that the central bank will be hiking interest rate by 0.25%. If the central bank carries out a 0.50% rate hike, this will likely lead to the strengthening of GBP. Pay attention to the BoE’s view on how the ongoing Russia-Ukraine war can impact any further rate hikes in the future. Also, take note of any plans from the central bank regarding corporate bond sales.
GBP/USD’s next support zone is at 1.30400 and the next resistance zone is at 1.32200.
Look for short-term buying opportunities of GBP/USD.