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GBP/USD showing no signs of reversal – FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet highlights the important events to take place in the coming week while commenting on GBP sinking to fresh year lows.

Key Quotes

“Indeed, the UK was the economy that more attention gathered these last few days, with Wednesday’s key fundamental readings triggering a selloff in the local currency.”

“The BOE published its quarterly inflation report: with inflation at a 5-year low of 1.2%, the BOE also downgraded the outlook for inflation, seeing it below 1% in the next six months, also predicting it will slowly rise to normal over the next three years.”

“The GBP/USD pair sunk to fresh year lows in the mid’ 1.56, and shows no aims of turning back higher.”

“Early this Friday, German and EZ GDP and inflation readings came in line with current European situation: from weak to doom. The only positive note came from GDP readings, as German one shown a 0.1% growth in the third quarter, and French economy grew by 0.3%, slightly above expected. But EZ inflation failed to achieve the expected 0.4%, and held at its sad lows of 0.3%.”

“The calendar will be a bit more active next week, and hopefully major pairs will find a reason to set more directional moves.”

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