Community Forecasts for May 9 - 13: GBP/USD 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 10 May 2016 16:22:08 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
Throughout the week ended May 6, the GBP/USD was trading in a depressive manner, with major spike at the beginning of the period and steep decline on Friday. Both currencies were affected by economic announcements as well as upcoming referendums.
On Monday, the pound harshly dropped from its 4—month highs due to the disappointing PMI release. The UK manufacturing PMI slowed notably to 49.2 in April, down from 51.0 booked in March being in expansion phase for the last 2 years. For the rest four days the British pound failed to keep its impressive intraday profit and declined marginally till Friday. The main topic for the Sterling remains the June 23 EU referendum on the UK membership, which will greatly affect both the UK's economy and currency. Moreover, all the major global economics organizations have warned that Brexit could provoke a short as well as longer-term economic slowdown and instability.
The absolute majority of Dukascopy traders (88.9%), who took part in the Community Forecasts survey last week are bearish on the Pound and see the pair aiming to reach the 1.44 level. 
Concerning important economic announcements,  from the UK side, on Thursday, the Bank of England is going to announce its latest interest rate decision as well as publish its monetary policy meeting minutes. As usual, announcement will be followed by quarterly inflation report and Governor Mark Carney press conference. Thus, this week might bring some major movements in the Cable which probably will be bearish. 


© Dukascopy Bank SA

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