GBPUSD managed to preserve a major part of the previous week’s upsurge, led by the hawkish BOE interest rate decision, this week. The focus once again shifted back to the Fed tightening outlook, as US inflation hit a fresh 40-year high.
stood out while markets also awaited the UK Q4 GDP release. Meanwhile, BOE Chief Economist Huw Pill said Wednesday, “that a case can be made for a measured rather than an activist approach to policy decisions,” adding “that is what I would label a ‘steady handed’ approach to monetary policy. "The cautious remarks from thepolicymaker combined with the pre-US CPI anxiety kept the risk-sensitive cable on the back foot.
On Tuesday, the UK employment data will be reported, with the ILO Unemployment Rate Claimant Count numbers to be closely eyed. The same day, the US releases the Producer Price Index , although it may offer little trading opportunities for the market participants ahead of Wednesday’s critical UK inflation, US Retail Sales and the January Fed meeting minutes. These events will provide fresh insights on the BOE-Fed monetary policy divergence theme, having a significant impact on cable.
On the flip side, a violation of the 1.3500/1.3520 support could attract sellers and trigger an extended decline toward 1.3450 .Despite the fact that the British pound managed to stay resilient against the dollar this week, experts don't seepushing higher next week. The average target on the one-week view aligns at 1.3520. Moreover, the FXStreet Forecast Poll shows that the selling pressure is likely to remain intact for the next few weeks with a bearish target of 1.
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