May pound fall to 1.300 dollar?

British pound had fallen lower than the Fibo 161.8% support level at 1.3225 dollar since Tuesday. It also slightly fell lower on Wednesday. I think GBP/USD may fall lower to 1.300 dollar by the Brexit bill debating. The lower inflation and higher wage in the United Kingdom may support Bank of England may hold the interest rate unchanged at 0.5% but investor may need to focus on BoE policy, Brexit and U.S. rising tariff. Trump taxes foreign import goods may start affect to U.S. economy so many economic indices forecast lower including Philadelphia Fed manufacturing index in June. However, this factor may give small negative for U.S. dollar during the news releases.
The 6th largest crypto exchanges “Bithump” in Soult Korea announced that hackers stole 35 billion won (or $31 million) from the platform early on Wednesday. This situation may pressure Bitcoin and altcoins drip lower. I suggest the first support line for Bitcoin at 6,490 dollar and the next support is 6,100 dollar.
Economic indices in focus:
New Zealand: GDP (Q1) at 05.45 a.m.
Switzerland: SNB interest rate decision and monetary policy at 14.30 p.m. and SNB press conference at 15.30 p.m.
UK: BoE interest rate decision at 18.00 p.m.
USA: Philadelphia Fed manufacturing index (Jun) at 19.30 p.m.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade.

Olymp Trade Review