Yesterday’s #trade #trading

Yesterday’s trade (in GMT terms) saw GBP/USD within the range of 1.2956-1.3051. The pair closed at 1.3002, shedding 0.30% compared to Monday’s close. It has been the 170th drop in the past 312 trading days and also a fifth consecutive one. The daily low has been the lowest level since July 11th, when a low of 1.2851 was registered. The major pair has extended its decline to 1.74% so far during the current month, after losing 0.59% of its value in July.

At 6:58 GMT today GBP/USD was edging up 0.25% on the day to trade at 1.3034. The pair touched a daily high at 1.3092 during the early phase of the Asian trading session, overshooting the upper range breakout level (R4), and a daily low at 1.2994 during early Asian trade as well.

GBP/USD fell below the 1.3000 mark for the first time since mid-July on Tuesday, following remarks made by BoE Monetary Policy Committee member, Ian McCafferty, in ”The Times”. He noted that the central bank might boost the easing package it unveiled last week, in case the UK economy slowed down in line with what sentiment surveys have showed.

On Wednesday GBP/USD trading may be influenced by the following macroeconomic reports as listed below.