Forex Analysis & Reviews: 11.06.2024 - The pound has a good chance...

Live Chat

InstaForex - Parceiro oficial da Dragon Racing

This section features the most important information about trading with InstaForex. We provide both analysis from leading experts for experienced traders and articles on trading conditions for beginners. Our services will help increase your profit potential.

Become Trader

Abertura de Conta

Veja também

Condições de Negociações

Análise Forex

Gráficos

This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.

Start as Beginner

Como começar a negociar

Informação útil

Training and recordings

InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.

Become Investor

Sistema PAMM

Sistema ForexCopy

Investimentos passivos

Contas OYS

Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.

Become Partner

Página Principal

Área do Parceiro

Vantagens para Afiliados

Registro

This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.

All Promo Campaigns

Bonuses

Concursos

Eventos

Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.

Full details

Fórums

Estamos nas redes sociais

Humor Forex

Portal Forex

InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.

Learn More

História

Porque nos escolher

InstaSport

Regulamentação

Notícias da Empresa

Premiações

Estrelas da InstaForex

InstaForex Offline

Headquarters

Principais documentos

Responsabilidade Social

InstaForex - Parceiro oficial do Dragon Racing

11.06.2024 01:00 AM

The pound has a good chance of maintaining a bullish bias. Overview of GBP/USD

Abrir conta de negociação Abrir conta demo

The UK economy is gradually recovering from the downturn in the second half of 2023. GDP growth in Q1 was 0.9% after falling 0.8% in the second half of 2023. The first data for April will be published on Wednesday, and there is no reason to assume that growth will turn negative again.

The day before that the Labor Market Report will be released, which is traditionally important in terms of average wage trends. It peaked last July at 8.5% before starting to decline, but has remained relatively stable near 5.7% for the past four months. This is still too much to expect a Bank of England rate cut, with the market seeing the first cut in November, although there is a slight possibility in favor of September.

As we can see, the Bank of England rate outlook is very close to the Federal Reserve rate outlook, meaning that the current GBP/USD quotes do not include expectations of a possible change in the yield differential, and the current rise in the pound is more due to the pace of economic recovery and a slightly higher threat of inflation resumption than in the US. The BoE's next meeting is on July 20, the market is confident that there will be no rate cut and will focus on macroeconomic indicators such as employment and wages.

Wednesday will be a key day for the pound, as before the release of the US inflation report and the outcome of the Fed meeting, a number of its own macroeconomic indicators will be released - GDP for April, trade balance, industrial production indices, plus NIESR's estimate of the GDP growth rate in May. Before the Fed meeting these data will have little impact, but after the meeting they will be factored into the overall picture, and so far forecasts suggest that these data will be in the pound's favor.

The net long GBP position increased by 1.4 billion during the reporting week, the total bullish bias is 3.5 billion. The bullish correction has been ongoing for the sixth consecutive week, the price is distinctly above the long-term average, and even Friday's shocks did not turn it down.

The pound met strong resistance near the 1.2790/2810 trendline, but the bearish pullback, unlike the euro, was shallow. GBP found support near the technical level (23.6% pullback from the April-May rise), the next support is 1.2620/30, but the probability of a decline to these levels appears low. We expect GBP/USD to resume growth after consolidation, strong movements are unlikely before the Fed meeting. We see the local high of 1.2892 as the nearest target.

You have already liked this post today

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.