GBP/USD: - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair spent most of the day consolidating around its daily opening, recovering sharply after briefly declining below the 1.3300 level, down to 1.3284.

Key Quotes:

"The pair managed to extend its advance to a fresh weekly high of 1.3371 during the London morning, helped by the final UK Markit services PMI for July, showing that the sector contracted as expected, by 47.4. After the Brexit, no bad news are good news for the Pound."

"This Thursday, the BOE will have its economic policy meeting, largely expected to cut rates by 25bps to new record lows of 0.25%."

"It's still unclear, however, if Governor Carney will dare to announce more bold measures, or leave doors open for additional stimulus. He may even announce that the MPC needs more data before making a decision. Anyway, its granted that the market won't lack entertainment coming from the Central Bank this time."

"As usual, the tougher the measures, the higher the chances of a Pound's slump."