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Instrument: GBPUSD
Bullish Preference:
Buy position is envisaged if price trades above 1.27139 With take profit at 1.27251
Bearish Preference:
Sell position is envisaged if price trades below 1.26931 with Take profit at 1.26846
Fundamentals:
1:30pm
USD Unemployment Claims
USD Core Durable Goods Orders m/m
USD Durable Goods Orders m/m
USD All Day Jackson Hole Symposium
Comment:
The Bank of England is now marginally predicted to make only one more increase to Bank Rate, taking it to 5.50% on Sept 21, though a significant minority of economists polled by Reuters still expect rates to go even higher this year.While other major central banks have either indicated – or already made – a stop to hiking, the BoE’s struggle to control inflation is still in play despite of 14 consecutive rate hikes.Headline UK inflation dropped to 6.8% in July from 7.9% in June but is still over three times the BoE’s 2% target and one rates of the highest in Western Europe.Core inflation, which excludes energy and food prices and a key measure of price growth closely monitored by the BoE, remained stickier.Despite that, the latest Reuters poll narrowly showed Bank Rate peaking at 5.50%, down from 5.75% predicted in July.
Analysis: SCRUM Team
