Weekly Analysis for UK Forex Brokers
Having reached to its lowest in two weeks GBPUSD reduces its losses today after a positive trading session, after BoE’s policymaker Kristin Forbes stated that BoE could raise the rates in case inflation continues to move higher.
Earlier in Today’s session GBPUSD fell to its lowest level in two weeks and negatively affected after the USD rebound against major currencies, in addition to the risk-off sentiment owing to the increased political tensions.
Following the losing sessions GBPUSD reduced its losses after it recovered against USD owing to comments by BoE’s Kristin Forbes who said that the economy remains solid and inflation rates are tolerable, this could suggest an increase in rates in short term.
Forbes indicated that there are signs that inflation rates are picking up faster and stimulus package will continue along with the decision to raise rates also Brexit negotiations would likely continue to drive moves in sterling and consumer confidence in the economy in the upcoming period.
GBPUSD Technical Outlook
GBPUSD pair is trading at1.2526, after a breakout of 50 Fibonacci retracement crossing 38 Fibonacci retracement, Now it’s settled at 23 Fibonacci retracement on the four-hour time frame as shown in the chart
Now, it is traded above Moving Average line, both indexes MACD and Stochastic show a positive crossing to the upward trend
So for UK forex Brokers, under the circumstances, it’s expected that pair will continue to moving upward targeting 1.2560 level and then 1.2640 level, in short term.
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