The GBP/USD pair rose during the course of the session on Monday, April 11, showing quite a bit of strength, FX Empire reports. Ultimately, this is a market that has been consolidating between the 1.40 level on the bottom, and the 1.45 level on the top.
The GBP/USD pair rose during the course of the session on Monday, April 11, showing quite a bit of strength, FX Empire reports. Ultimately, this is a market that has been consolidating between the 1.40 level on the bottom, and the 1.45 level on the top.
According to FX Empire analyst Christopher Lewis, although the consolidation has been fairly strong, the one thing that we are paying attention to is the fact that the highs are getting a little bit lower each time, so perhaps there is more downward pressure than up. «Ultimately though, we believe it’s going to be choppy regardless, as the Federal Reserve is taken a more dovish tone, and of course there are fears of the United Kingdom leaving the European Union», he added.
«The Bank of England’s (BoE) April 14 policy meeting may spur a limited market reaction as the central bank is widely anticipated to retain its current policy ahead of the referendum in June, but signs of sticky U.K. inflation accompanied by dovish comments from Fed officials may generate a near-term rebound in GBP/USD as U.S. interest-rate expectations falter», DailyFX Research reports.
