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GBP/USD to continue to range trade within 1.6000-1.6200 - OCBC Bank

FXStreet (Łódź) - Emmanuel Ng, FX Strategist at OCBC Bank sees GBP/USD trading in a range of .6000-1.6200.

Key Quotes


"Meanwhile, the GBP-USD came off intra-day highs above 1.6150 after the BOE’s Cunliffe called for caution with respect to hiking rates given the evidence of slowing UK growth coupled with darker international prospects, noting that the Bank '…can afford to maintain the current degree of monetary stimulus for a longer period than previously thought'."

"Note that this comes on the heels of similarly dovish or guarded sentiment expressed by the BOE’s Shafik on Monday."

"With BOE expectations still waning, look for the pair to continue to range trade within 1.6000-1.6200 although the pair may not be beyond reacting to any negative dollar vibes from the FOMC."

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