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GBP/USD Price Forecast: Struggles at 1.3000, Yet Remains Flat

Written by

Ezekiel Chew

Updated on

October 17, 2024

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GBP/USD Price Forecast: Struggles at 1.3000, Yet Remains Flat

Written by:

Last updated on:

October 17, 2024

The GBP/USD pair remains under pressure, struggling to break through the critical 1.3000 level as investors weigh mixed economic signals from the UK. Despite several attempts to climb higher, the currency pair remains flat, reflecting growing concerns over the UK's economic future.

Recent data showing slowing GDP growth and persistent inflation have kept traders cautious. The Bank of England's uncertain monetary policy has also added to the market's indecision, as investors await clearer guidance on future rate hikes. While some analysts expect further tightening to curb inflation, there is growing skepticism about how much higher the BOE can push rates without stalling economic growth.

The pound is currently trapped between weak economic fundamentals and a strong U.S. dollar,” said Jane Williams, senior forex strategist at ABC Markets. “Without a clear policy direction from the BOE, we’re likely to see continued sideways movement around the 1.3000 mark in the short term.”

On the other side, the U.S. dollar remains firm, supported by resilient economic data and steady demand for safe-haven assets amid global uncertainties. This has kept the GBP/USD pair flat, despite brief moments of volatility.

Looking ahead, traders will be closely monitoring any shifts in the UK's inflation outlook, as well as potential policy updates from the Bank of England. Until clearer signals emerge, the pound is likely to remain range-bound, with little momentum to push decisively above 1.3000.

About Ezekiel Chew​

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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GBP/USD Price Forecast: Struggles at 1.3000, Yet Remains Flat

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Written by:

Updated:

October 17, 2024
The GBP/USD pair remains under pressure, struggling to break through the critical 1.3000 level as investors weigh mixed economic signals from the UK. Despite several attempts to climb higher, the currency pair remains flat, reflecting growing concerns over the UK's economic future. Recent data showing slowing GDP growth and persistent inflation have kept traders cautious. The Bank of England's uncertain monetary policy has also added to the market's indecision, as investors await clearer guidance on future rate hikes. While some analysts expect further tightening to curb inflation, there is growing skepticism about how much higher the BOE can push rates without stalling economic growth. “The pound is currently trapped between weak economic fundamentals and a strong U.S. dollar,” said Jane Williams, senior forex strategist at ABC Markets. “Without a clear policy direction from the BOE, we’re likely to see continued sideways movement around the 1.3000 mark in the short term.” On the other side, the U.S. dollar remains firm, supported by resilient economic data and steady demand for safe-haven assets amid global uncertainties. This has kept the GBP/USD pair flat, despite brief moments of volatility. Looking ahead, traders will be closely monitoring any shifts in the UK's inflation outlook, as well as potential policy updates from the Bank of England. Until clearer signals emerge, the pound is likely to remain range-bound, with little momentum to push decisively above 1.3000.
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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