Further Gains in View for Cable

  • Forex Analysis

Cable might move up further this week in line with the uptrend in recent months around several important technical areas. The most important releases to monitor this week are the Bank of England's statement and press conference plus British monthly GDP.

The overall context of very high inflation in the UK would suggest that the Bank of England probably won't consider a pause in tightening this summer, so the final bank rate seems likely to end up higher than had been expected around the end of last year. It's important to watch comments from Andrew Bailey and the rest of the MPC closely on Thursday and check how the pound reacts to them.

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