Forex Analysis by Forex.com (Matthew Weller) covering: EUR/USD, GBP/USD, USD/JPY, EUR/USD exchange rate cash Futures. Read Forex.com (Matthew Weller)'s latest article on Investing.com
With no change to interest rates expected, traders will key in on the BOE’s vote split and economic forecasts.
, which sits near the top of the relative FX performance charts among the major currencies, despite a lack of meaningful economic data through the first few days of the week. Compared to the, which is falling on the back of a miss in CPI, sterling looks relatively more attractive than it did yesterday..
Given the bearish momentum heading into the pattern, a bearish breakdown below 1.2075 is the more likely outcome from a technical perspective. If seen, GBP/USD could extend its H2 selloff to below 1.20 before encountering previous support in the 1.1900 zone. Meanwhile, a bullish breakout above 1.2275 would open the door for a more substantial bounce toward the 100-day EMA in the 1.2400 range.
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