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The GBP/USD pair extended its sideways consolidative price action through the first half of the European session and remained confined in a range around the 1.3900 mark.
The pair struggled to capitalize on this week's solid rebound from the 1.3800 level, or the lowest level April 16 and has been oscillating in a range for the second straight session on Thursday. Investors now seemed reluctant to place any aggressive bets, rather preferred to move on the sidelines ahead of Thursday's key event risks – the BOE monetary policy decision and the Scottish parliament election.
The BoE is widely expected to maintain the status quo at the conclusion of the May meeting. The decision will be accompanied by updated economic projections, which might infuse some volatility around the British pound.
The downside, however, remains cushioned, at least for the time being, amid some follow-through US dollar pullback from two-week highs. Wednesday's rather unimpressive US macro data reaffirmed market expectations that the Fed will keep interest rates low for a longer period. This, along with the underlying bullish sentiment in the financial market, acted as a headwind for the safe-haven greenback.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
