Event to pay attention to today:
21:45 GMT+3. GBP – BOE Governor Andrew Bailey Speaks
GBPUSD:
On Tuesday, the GBP/USD remained stable, testing the 1.3000 mark. The intraday price action tested a new nine-week low, while there was no upside trading above 1.3000. This leaves short-term momentum at a mid-range just below the key mark.
Bank of England (BoE) Governor Andrew Bailey delivered the first of four scheduled speeches this week. For the most part, Mr Bailey reiterated the stance taken in previous statements, although he did express regret at the Bank’s complacency over recent financial stability risks.
With three further speeches by the Bank of England Governor scheduled for this week, market participants will be monitoring for any recurring themes in Governor Bailey’s speech notes. On Wednesday evening, Bank of England Governor Bailey will deliver a speech, and on Thursday, market participants will focus on the UK Purchasing Managers’ Index (PMI) data.
Analysts anticipate a modest decline in UK economic activity, with the October services PMI projected to decline from 52.4 to 52.2.
Trading recommendation: We follow the level of 1.3000, when fixing above it we consider Buy positions, when rebounding we consider Sell positions.
Origin: FreshForex
