GBP/USD Update – 31/07/2017 (11:27am) – by Arjun Lakhanpal

July 31, 2017 by

GBP/USD Update – 31/07/2017 (11:27am): with the FoMC and broader USD moves the focus last week, GBP stage out of the headlines despite playing catch up in the broader USD sell off as GBPUSD finished the week up towards YTD highs.  This week will be a different story with a very much anticipated BoE and QIR as well as PMI data.   The initial focus will be on Andy Haldane’s vote, to keep the 5-3 weighting of dissenters.  I think he will hold off at this stage (as inflation off the highs and he may want more data), but be ready to vote in the not too distant future. Inflation and growth forecasts within the QIR also worth monitoring.. GBPUSD support at 1.3050 ahead of 1.3000 with resistance at 1.3160-70 YTD high area ahead of 1.3200.  EURGBP remains in the short term 0.8890-0.9000 range.