Forex. Pound/Dollar (GBP/USD) forecast for today
The currency pair is at the borders of the weekly range. There is an attempt to grow further and gain a foothold in a higher trading framework. UK GDP in monthly terms came out worse than forecast, but better than the revised previous value. At the same time, the volume of industrial production and the data of the manufacturing industry of the kingdom pleased market participants. The indicators continue to grow at a moderate pace.
These data continue to support the pound against the background of statements by representatives of the Bank of England about a possible interest rate increase. There are risks due to Britain's dispute with the European Union over the implementation of the Brexit agreement in Northern Ireland. Negotiations will be held today, and representatives of the European Union should submit proposals to reduce tensions. On this day, the representative of the Bank of England, John Cunliffe, will make a speech. The focus will be on the pound paired with other world currencies.
In addition, the US dollar, after its recent high, is holding negatively against the background of contradictory signals from the Fed representatives about the curtailment of monetary policy. This may serve as another driver in favor of the British pound.