GBPUSD is trending down but still in the bullish channel
The GBP and Cable in particular has had a mixed start to the week, fluctuating between gains and losses. Markets in general were a bit slow today ahead of what is a relatively busy week on the data front. The UK, however, does not have any high impact data releases with GBP pairs likely to face external threats.
The UK faces a quiet week on the data front following the UK Autumn Statement by Chancellor Hunt last week. The GBP enjoyed a decent week particularly against the Greenback.
The rest of this week only has medium impact data from the UK. Last week brought PMI data which helped keep the GBP supported with a pledge by Chancellor Hunt during the Autumn statement. The Chancellor confirmed the UK Government plans to put GBP20 billion to work in the economy at a time when other countries in the Euro Area face a difficult task. These developments have left market participants a lot more cautious around rate cuts for 2024.
The biggest risk facing the GBP this week will come from a host of BoE policymakers scheduled to speak.
The UK faces a quiet week on the data front following the UK Autumn Statement by Chancellor Hunt last week. The GBP enjoyed a decent week particularly against the Greenback.
The rest of this week only has medium impact data from the UK. Last week brought PMI data which helped keep the GBP supported with a pledge by Chancellor Hunt during the Autumn statement. The Chancellor confirmed the UK Government plans to put GBP20 billion to work in the economy at a time when other countries in the Euro Area face a difficult task. These developments have left market participants a lot more cautious around rate cuts for 2024.
The biggest risk facing the GBP this week will come from a host of BoE policymakers scheduled to speak.
