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It was a brutal week for the British Pound as the Bank of England warned of the possibility of a ‘sharp economic downturn’ while warning that inflation could climb above 10% in Q3.
Sterling plunged nearly 3% off the monthly highs with Cable on the ropes heading into the BoE / NFPs. A look at the levels that matter on the GBP/USD weekly chart.
British Pound Technical Forecast: GBP/USD, GBP/JPY, EUR/GBP 2021-07-11 04:00:00 James Stanley, Senior Strategist British Pound Technical Forecast: Neutral It was a mean reversion type of weak for GBP/USD, with prices trading within the range produced by the prior week. Matters were a bit more volatile in GBP/JPY, where an early-week drubbing found support at a big spot on the chart, after which buyers pushed for a strong Friday reversal. The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Ed...
GBP/USD set a fresh three-year-high but promptly pulled back to continue in the range that's been in-play over the past few weeks.