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.
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.
