GBPUSD: INVESTORS REMAIN ON BACKFOOT AHEAD OF BOE DECISION: 17 JUNE |FOREX RECOMMENDATIONS

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GBPUSD ticks lower in the Asian session on Thursday as investors remain cautious ahead of BOE Monetary Policy Statement. There is a conviction that apex institute would maintain the status quo on interest rates, although it might expand the quantitative easing to support the economy struggling from the coronavirus induced recession. As of now, the cable is trading 0.05% lower at 1.2542.

Meanwhile, concerns about the resurgence in the coronavirus affected cases across the globe has subdued the recent optimism of the economic recovery.

On Wednesday, the pound came under pressure and plunged to 1.2510 handle on the release of downbeat inflation statistics. UK yearly core CPI came at 1.2% vs 1.3% expected. However, the pair erased some of its losses as the greenback lost its safe-haven bids on hopes of new coronavirus drug.

The steroid drug Dexamethasone has shown positive effects on many coronavirus patients in Britain and is proven to be the first drug to save lives. Subsequently, the pair ended the trading session at 1.2554 with a 0.14% depreciation.

Going forward, investors’ will wait for American Philly Fed Manufacturing Index, Unemployment Claims, and monthly CB Leading index for intraday trading opportunities.

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