​GBP This Week: Poised for Huge Risk

WikiFX News (15 Sept) - The British pound opened the week marginally higher across a range of currencies, with GBP/USD up above 1.2762. Moving forward, the pound is expected to witness steep volatility as the country's latest employment/unemployment figures and inflation data will be released this week and the Bank of England (BoE) Monetary Policy Committee meeting will be held on Thursday.

The most important event of the week will take place in the House of Commons. On Monday, MPs began debating changes to the Withdrawal Agreement as the amendments have riled the EU and caused heated debate within the Conservative Party.

The UK's employment/unemployment figures for July will be released at 14:00 today, while at the same time tomorrow the CPI for August will have come out. The data is expected to show price pressures easing, on which the BoE is likely to discuss at their meeting the next day.

Bullish price action from the end of June was comprehensively broken last week and there is little support before the 200-DMA. With volatility picking-up over the last few weeks as well as the releases of previously mentioned events and data, the pound may stage a volatile performance this week.

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Chart: Trend of GBP