HelenRush

GBP: Two Factors To Watch on Thursday

FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD is the pair of the week, as it appreciated 4th day out of the last five. The market is full of rumors and hopes.

On Wednesday, the British newspapers reported that there were chances to see some draft agreement by next Monday. It means that the officials can be just in time for EU summit scheduled for the next week. There are speculations that a customs union will be built to protect trade between UK and EU after Brexit.

The market is pretty tired of all this rumors around the Brexit deal lasting for several years. However, this time it looks like real progress, and the hope keeps GBP alive with a good potential of going higher.

There are two important factors tomorrow that may have an effect on the pound moves. First, keep an eye on the BOE’s Governor speech that may update the Carney’s stance on monetary policy . Any positive hints may support the demand on the cable.

Second, there are US CPI numbers in store. On Wednesday PPI report showed a slight decrease putting the USD under additional pressure. If consumer prices disappoint as well, we may see GBPUSD rushing higher with initial target at 1.3260.
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