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GBP/USD Daily Fundamental Forecast – June 23, 2017

After all the volatility that we have been seeing in the GBPUSD pair over the last couple of weeks, it must have come as a great relief for the traders to see a ranging day where the entire range for the day was less than 50 pips yesterday. This was partly due to the fact that the fundamental and the economic drivers for the markets were practically nil and there was no reason for the pound or the dollar to move in any specific direction and they were steady at best.

GBPUSD Finally Has a Slow Day

The pound had been very volatile over the last couple of weeks as one event after another rocked the prices. We saw the pound being hit hard by the election results which led to a hung Parliament and the currency was saved by the bullish outlook of the BOE where 3 members voted for a rate hike. It is by this thread that the pound hangs though the BOE Governor Carney has made it clear that he is not in favor of a rate hike just yet.

GBPUSD Hourly
GBPUSD Hourly

Yesterday, we did not have too much news from the US as well where the healthcare bill has been progressing slowly and smoothly and that seems to be the biggest news from the US so far. The market awaits data from the UK and the US to see what is happening to the respective economies but that is likely to arrive only at the beginning of the next month. Till then, the market and the traders have to be content with the twists and turns that the Brexit negotiations are likely to bring.

Looking ahead to the rest of the day, we do not have any major news from the US or the UK for the day and so we can expect some consolidation on either side of 1.27 during the course of the day.

This article was originally posted on FX Empire

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