GBPUSD: INVESTORS REMAIN ON BACKFOOT AHEAD OF BOE DECISION : 19 JUNE |FOREX RECOMMENDATIONS

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gbpusd 19 june

After nosediving to 1.2401 level in the previous trading session, Sterling found some support in the early Asian hours on Friday, courtesy to the release of better than expected UK macro data. The GfK Consumer Confidence statistics came at -30 vs -36 forecasted. As of now, the cable is trading marginally higher by 0.04% at 1.2432.

On Thursday, the pair came under intense selling pressure and registered a massive plunge of 165 pips. This was after the BOE intensified its response to counter the slowdown from the COVID-19 by announcing a 100 billion pound increase in its bond-buying program, while keeping its benchmark interest rates at 0.1%. Further, the BOE Governor, Andrew Bailey stated that the unemployment in Britain remains elevated, despite good rebound in the economy after ease in the lockdown restrictions.

Besides, the greenback continued to attract the safe-haven bids as increasing concerns of the second wave of coronavirus across the globe, had directed investors to prune their risk exposure. Thus, the pair ended the trading session at 1.2422 with a loss of 1.06%.

Going forward, investors will wait for monthly UK Retail Sales and Fed Chair Powel speech for fresh impetus.

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