Forex Daily Forecast, Analysis and Prediction

The GBP/USD pair will be in the spotlight on Thursday as the Bank of England (BoE) provides hints on when it will start slashing interest rates.

The EUR/USD exchange rate softened this week after another set of economic data from Europe.

Yet there are strong support levels nearby.

GBP/USD attempted to hold above the 1.2500 level to avoid further losses, but with bearish sentiment ahead of the Bank of England's announcement tomorrow, GBP/USD has slipped to the 1.2484 support level as of writing.

According to today's Wednesday trading, the value of the Japanese yen has fallen to over 155 yen against the US dollar, giving up about half of the gains it made last week.

Amid the performance of the currency pair in Forex currency trading companies, EUR/USD may take cues from tomorrow's US initial jobless claims report and the University of Michigan's preliminary US consumer sentiment index on Friday.

Gold prices are consolidating around $2320 an ounce today.

The US Dollar has continued to advance over recent hours, supported by Hawkish remarks from the Fed’s Kashkari.

The USD/SGD has inched higher in early trading this morning continuing a path which began on Monday after a strong amount of selling had been demonstrated last week.

After touching a high of nearly 0.60490 momentarily on Friday within the NZD/USD the currency pair has seen incremental selling.

The US dollar rallied slightly during the trading session on Tuesday, as we continue to try to find some type of basing pattern that we can use to go higher.

Short-term pullbacks will continue to get bought into, despite the fact that we have seen a lot of negativity over the last couple of days.

The euro initially fell a little bit during the trading session on Tuesday, but then turned around to rally towards the 200 day EMA.

The US dollar initially rallied against the Swiss franc during the trading session on Tuesday but has since given back some of the strength.

The British pound has initially pulled back just a bit during the trading session on Tuesday.