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07.05.202105:28 Forex Analysis & Reviews: Forecast for GBP/USD on May 7, 2021

GBP/USD

As a result of yesterday's Bank of England meeting, the pound traded in the range of 84 points, closing the day with a decline of 12 points. The central bank changed its monetary policy in that for the period from May to August it will reduce bond redemptions to 3.4 billion pounds per week against the current 4.4 billion without changing the total volume of redemptions of 895 billion pounds. Investors are now ready for the main event of the day - US labor data. The forecast remains the same - as the price moves below the signal level 1.3808, the road to 1.3610 opens.

Exchange Rates 07.05.2021 analysis

The price has maintained a three-day consolidation range marked with a gray rectangle on the four-hour timeline. A short exit of the price above the level of 1.3931 can be neglected due to the importance of yesterday's event. Now we are waiting for the price to leave the rectangle and settle below 1.3808 due to today's significant event.

Exchange Rates 07.05.2021 analysis

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert
InstaForex Group © 2007-2021
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