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GBP/USD Weekly Analysis - 15/09: Traders Brace Volatility
(MENAFN- Daily Forex) The GBP/USD went into the weekend near its high for the week, after a handful of days which produced rather volatile prices for day traders.
- The GBP/USD exchange rate went into this weekend near the 1.31218 ratio, on Friday the high for the currency pair challenged the 1.31570 vicinity before reversing slightly lower.
- Trading in the GBP/USD last week was full of volatile reversals and since the last week of August the currency pair has proven difficult for traders looking to latch onto a trend and ride momentum.
- The GBP/USD has produced many reversals and its price realm between 1.30000 and 1.32000 has proven a rather fast playing ground.
- The ability of the GBP/USD to maintain prices above the 1.31000 level must be watched because this is a key barometer of sentiment.
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Although the BoE is not expected to cut its Official Bank Rate this Thursday, because the central bank cut the rate by 0.25% in August already, the rhetoric from the Bank of England should be listened to intently. -
If somehow the U.K CPI data on Wednesday is lower than anticipated it could spark murmurs about the need for the BoE to be more aggressively dovish. - However, inflation remains a nervous parameter for central banks that worry about stubborn tendencies.
- The current price range of the GBP/USD will be affected largely by the rhetoric coming from the U.S Fed on Wednesday.
- If the Fed sounds more dovish than expected this would likely fuel GBP/USD buying.

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