GBP Heading For Weekly Gain on BoE Rate Hike Talk

Sterling headed for its first weekly gain since February and gilts declined as market expectations shifted toward tighter policy in the U.K.

The pound has been prone to large swings this week, often without obvious catalysts, a trend that continued on Friday as it earlier slid 25 pips within a minute against the dollar. That was mainly driven by corporate demand for the U.S. currency and algo buying across the board, according to two Europe-based traders who asked not to be named as they were not authorized to speak publicly.


EUR/USD – Euro Rally Pauses, US Consumer Confidence Next

Dollar Correction Offers Reprieve For Commodities


This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.