GBPMYR where heading in end 2023 and 2024?
The current price for GBPMYR is British pound and Malaysian Ringgit RM5.8511 per 1 British pound as of 8th December 2023.
There is only 23 days left in 2023 and the Pound will most likely fall to RM5.6946 level or near this level since the UK CPI reading in 2022 high at 11% has drop to 4.6% last month. The BOE has a hawkish pause in their last meeting, suggesting that a potential permanent pause in rate hikes soon in Q1 or Q2 2024. This strong tailwind has just started to happen and will affect the Pound value against Ringgit.
If BOE MPC meeting in December 14, 2023 is another hawkish pause then very likely that the exchange rate will go to RM5.6946 this year end. Any indication of a coming pause of rate hike from BOE will also cause the above to happen. Only will happen when Malaysia ringgit does not weaken and the Malaysian economy need to maintain the current cause.
If there is a pause confirm coming into 2024 BOE MPC meeting, then the exchange rate might drop to RM5.2532 with needing the Malaysian ringgit hold steady it's strength.
Another if, UK economy growth in a good manner most likely the exchange rate will not drop to RM5.2532. Might hover between RM5.92 to RM5.6946. Plus potential other confounding variables not research in this writing that could strengthen the Pound then RM5.2532 is quite not possible.
On the high side if the pound strengthen in 2023 which is not likely the case, if will go to RM5.9254. In 2024 if the pound strengthen the peak will most likely be at RM6.1042. Might or not might happen. Most likely not happening cause can't read or see the future.
There is only 23 days left in 2023 and the Pound will most likely fall to RM5.6946 level or near this level since the UK CPI reading in 2022 high at 11% has drop to 4.6% last month. The BOE has a hawkish pause in their last meeting, suggesting that a potential permanent pause in rate hikes soon in Q1 or Q2 2024. This strong tailwind has just started to happen and will affect the Pound value against Ringgit.
If BOE MPC meeting in December 14, 2023 is another hawkish pause then very likely that the exchange rate will go to RM5.6946 this year end. Any indication of a coming pause of rate hike from BOE will also cause the above to happen. Only will happen when Malaysia ringgit does not weaken and the Malaysian economy need to maintain the current cause.
If there is a pause confirm coming into 2024 BOE MPC meeting, then the exchange rate might drop to RM5.2532 with needing the Malaysian ringgit hold steady it's strength.
Another if, UK economy growth in a good manner most likely the exchange rate will not drop to RM5.2532. Might hover between RM5.92 to RM5.6946. Plus potential other confounding variables not research in this writing that could strengthen the Pound then RM5.2532 is quite not possible.
On the high side if the pound strengthen in 2023 which is not likely the case, if will go to RM5.9254. In 2024 if the pound strengthen the peak will most likely be at RM6.1042. Might or not might happen. Most likely not happening cause can't read or see the future.
Comment:
RM5.6946 is the 4 hours support and RM5.2532 is the 1 day support level.
Trade active:
I got it wrong on the last post that the pound will fall further but instead when up higher this is due to the delay in rate cut by the BOE. Sending the Pound to RM6.0657 for 1 GBP. Near the suggested level of upside at RM 6.1042.
Now the news of potential BOE rate hike pause comes into play and most likely GBP will fall to RM5.6946. To drop to this value the CPI and core CPI for the UK reading must be good news for another 3 to 4 months.
Currently keep ringgit over Pound if Malaysia ringgit hold at a steady pace.
Now the news of potential BOE rate hike pause comes into play and most likely GBP will fall to RM5.6946. To drop to this value the CPI and core CPI for the UK reading must be good news for another 3 to 4 months.
Currently keep ringgit over Pound if Malaysia ringgit hold at a steady pace.