Having started the week essentially near the 1.20700 mark theoutcome for the GBP/USD should be given attention by speculators. Yes, volatility did hit the GBP/USD last week and a low of 1.20085 was touched approximately on Wednesday. However, the currency pair was able to incrementally trade higher after this depth and came within sight of highs near the 1.22000 ratios before going into the weekend and suffering a slight reversal lower.
. Having taken a rather aggressive stance only two weeks ago, the U.S. Federal Reserve is now in a murkier position regarding what it will do with the Federal Funds rate on the 22of March. It is highly unlikely the Fed will hike by 0.50% this coming week, while it does seem possible a rise of a quarter of a point is potential. What does seem almost certain is that the Bank of England will hike the Official Bank Rate by 0.25% this week as forecast to 4.25%.
However, if the U.S Federal Reserve ‘only’ raises its interest rate by 0.25% this might have already been digested by the Forex markets.may continue to find some upwards movement based on the notion that financial houses may still be trying to get out of their overly aggressive USD positions.
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