Weekly Analysis for UK CFD Brokers
GBPUSD gained ground against basket of major currencies in Wednesday’s session; it has steadily recovered over the last two days against USD, as concerns on the divergence in monetary policy between UK and USA is shrinking, alongwith the growing forecasts of a rate increase by the BoE this year, Pound has posted gains before the release of the second estimates of GDP growth data in Q4, also the Dollar index hit a one-week high with the long USDEUR positions among strong expectations of a rate hike within the few next months, regarding the reassessment of such expectations, investors are focusing on the FOMC meeting minutes late today.
GBPUSD rose by 0.1% yesterday for the second successive day of highs, after a Parliament hearing on the central bank’s inflation report, it upgraded its projections of inflation this year signaling that BoE likely to raise interest rates this year to deal with inflationary pressures.
GBPUSD traded at $1.2490 at 08:25 GMT from the opening price of $1.2470, it recorded its highest at $1.2507 and lowest at $1.2463
Sterling has steadily rebounded over the last two days against USD, as concerns on the divergence in monetary policy between UK and USA is shrinking, GBP has posted gains before publishing the second estimates of Q4 of 2016 economy growth.
Second estimates of Britain’s Q4 growth data will be published at 09:30 GMT, it’s expected to grow by 0.6% unchanged from the preliminary figures, furthermore British economy grew by 0.5% in Q3.
GBPUSD Technical Analysis
GBPUSD pair is trading 1.2454 , pair is traded at pivotal support level at the same time of 38 Fibonacci retracement on the four-hour time frame.
Currently pair is traded at Moving Average line, both indicators MACD and Stochastic shows a negative crossing to the bearish trend as shown in the chart
So, UK CFD Brokers expected that price continues to decline if it could break the support level targeting 1.2362 till this weekend.
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