Event to pay attention to today:
16:25 GMT+3. GBP – BOE Governor Andrew Bailey Speaks
GBPUSD:
The GBP/USD pair entered negative territory on Monday, marking the start of the new trading week with a new test below the 1.3000 mark. This is due to a cautious approach by cable traders ahead of a busy week that is expected to feature a series of central bank speeches, as well as an update on the global Purchasing Managers’ Index (PMI).
Traders of the pound will be monitoring the speech delivered by Bank of England (BoE) Governor Andrew Bailey on Tuesday. However, the Bank of England Governor’s comments will be made at a later date, as Bailey will deliver a speech at the Bloomberg Global Regulators Forum in New York at the start of the US market session.
A rolling release of global PMI indices is scheduled for Thursday, with data from the UK forming the basis for this release. Forecasts indicate a slight decline in UK activity figures, with the October services PMI projected to reach 52.2, down from 52.4 in the previous month.
Trading recommendation: We follow the level of 1.3000, if it is fixed above we consider Buy positions, if it bounces back we consider Sell positions.
Origin: FreshForex
