November 11, 2013

Forex Market Rhythm: GBPUSD broke below 1.6

Forex Market Rhythm: GBPUSD broke below 1.6

GBPUSD broke below 1.6 - November 11, 2013

Sterling dipped against the euro on Monday, pulling away from a 10-month high, as investors kept to the sidelines before this week's Bank of England quarterly inflation report and jobs data.

Consequently this bodes well for sterling, and while gains against the dollar are likely to be limited, euro/sterling is set for a further downward correction, with a break (though) 83.00 on the cards shortly.

But the pound could get a boost on Wednesday if the BoE raises its growth and unemployment forecasts and brings forward the market expectations for when interest rates will rise. Strong UK jobs data on Wednesday would also lift the pound. -Reuters

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About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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