British Pound Technical Outlook: GBP/USD Poised for Breakout Ahead of Fed, BoE
GBP/USD is locked within a tight technical range, with the Fed and BoE decisions poised to provide the catalyst for the next major move.
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British Pound Technical Outlook: GBP/USD Multi-Timeframe Analysis
The British Pound is holding long-running support with its weekly opening range intact into UK inflation, the Fed and the Bank of England. Michael Boutros, StoneX Media Senior Market Analyst, walks through a multi time frame look at sterling and maps the week's event calendar onto the levels that matter. UK employment data showed unemployment holding at 4.9%, still a five-year high, with the claimant count adding to the picture of a softening labor market. UK consumer price inflation is expected to tick higher on both the headline and core readings, while markets have moved sharply toward pricing a Federal Reserve move at this meeting and a further one before year end. The Summary of Economic Projections and the dot plot, alongside the Monetary Policy Committee vote count, carry the signal for where policy goes next.
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by FOREX.com.
Key GBP/USD Economic Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
Active Short-term Technical Charts
- Gold Price Short-term Outlook: XAU/USD Bulls Fight to Stabilize at Pivotal Support
- Japanese Yen Short-term Outlook: USD/JPY Breakdown Faces Major Test Ahead of Fed, BoJ
- US Dollar Short-term Outlook: USD Selloff Accelerates Toward August Lows Ahead of NFP
- Swiss Franc Short-term Outlook: USD/CHF Breakout Puts Yearly Highs Back in Play
- Euro Short-term Outlook: EUR/USD Pullback Nears Pivotal Uptrend Support
- Canadian Dollar Short-term Outlook: USD/CAD Recovery Reaches Downtrend Resistance
Written by Michael Boutros, Senior Technical Strategist
Follow Michael on X @MBForex
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