Pound Sterling is making a fresh push higher Friday, bolstered by the Bank of England's message that interest rates will only be reduced gradually, but the advance could yet be thwarted by technical resistance.
Pound Sterling tends to fall against the Euro on Bank of England days shows analysis. And today is such a day.
Pound Sterling Builds on Gains Against Euro and Dollar After Traders Throw the Towel In on a Thursday Rate Cut
- Category: EUR
Pound Sterling rose against the Euro and Dollar following the release of UK inflation data for August that showed a pick-up in the pace of price rises in the UK.
We forecast Pound Sterling to trade on the soft side against the Euro this week but don't see Wednesday's UK inflation report or Thursday's Bank of England decision having a lasting negative impact. Wednesday's Federal Reserve rate cut could prove supportive from a global perspective.