In today’s forex forecast, we offer the outlook for GBP/USD and EUR/GBP with Steven Woodcock, Senior FX Analyst at Plutus FX, along with Zak Mir, Technical Analyst at Zak’s Traders Café, and Bill Hubard, Chief Economist at Bullion Capital.
https://www.youtube.com/watch?v=Mr9Gty7PsbM
Speaking on rates, Woodcock says that he doesn’t see interest rates going higher anywhere anytime soon.
GBP/USD: Still ranging
Woodcock notes that GBP/USD remains heavy but within its range, but the cross has come under some fresh pressure recently.
Woodcock maintains a bearish target on the cross towards 1.45, but for this the pair will have to break below 1.50.
He further says that we remain in a massive dollar bull market, and the current price action reflects consolidation. He expects this bull market to continue, and notes that GBP/USD fair value is around 1.50 area, but EUR/GBP is the main driver for Sterling.
For further insights on FX, watch the video.