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GBP/USD Weekly Forecast -12/01: Weak Sentiment Fuel (Chart)
(MENAFN- Daily Forex) The GBP/USD continues to be sold in a strong fashion. Yes, the currency pair is correlating to the broad Forex market as the USD shows significant strength.
- And the U.S jobs numbers came in stronger than anticipated this past Friday which also caused more nervousness among financial institutions and selling of the GBP/USD. However, the shadow of poor decision making by the Bank of England regarding their interest rate policy has done the GBP/USD no favors. Economic data from the U.K was lackluster before going into the interest rate decision of the BoE on the 19th of December, but the Bank of England did not cut interest rates.
- Behavioral sentiment in financial institutions may believe the mid-term should be better for the GBP/USD and produce upwards momentum, but timing the moment a reversal higher is suddenly going to emerge is problematic. The BoE is now in a position in which it will likely have to cut interest rates sooner than the Federal Reserve can. The notion of central bank contradictions being considered will cause more choppiness in the near-term and likely for the coming weeks.

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