UK Market Look Ahead - Is Sterling Oversold? | Webinar
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Market traders will be watching closely the latest set of UK jobs and wages numbers on Tuesday for any further signs that UK employment remains robust. Last week the Bank of England kept monetary policy unchanged and said that any future interest rate hike will be predicated on stronger UK data. Higher employment and wages could signal a future domestic inflationary pick-up that the BoE may need to temper in coming months. In the meantime, the FTSE 100 continues its push back towards its record high as sentiment remains positive in the equity space.
GBPUSD is making a tentative comeback from its recent low, aided in part by a slightly weaker US dollar. With the 200-day moving average just above the pair, the upside for the British Pound may be limited although the market currently remains just above the oversold territory.
GBPUSD Daily Price Chart (July 17, 2017 – May 14, 2018)
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--- Written by Nick Cawley, Analyst
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.