Forex. Pound/Dollar (GBP/USD) forecast for today
Now the currency pair is in the area of 1.3405, near the border of the weekly range. The pair is trying to turn around after strong sales and gain a foothold in a higher trading framework.
The yield on 10-year UK bonds is close to the October maximum, and now it is at 0.9435%.
Market participants are probably waiting for the middle of the week when the US GDP will be published. In addition, on Wednesday, the Fed will publish the minutes of its November meeting, at which officials decided to begin reducing the asset purchase program introduced during the pandemic.
A massive data release is expected on the same day, including the core Consumer Price Index (PCE), which is the Fed's preferred inflation indicator.
Today, the pound will react to the economic statistics of the UK. Particular attention will be focused on business activity indicators in the manufacturing and services sectors, as well as on the CBI retail sales volume index. Jonathan Haskell, a member of the Monetary Policy Committee of the Bank of England, will speak on the same day.