GBPUSD technical and fundamental analysis 22 to 24 February

Weekly Analysis for UK CFD Brokers

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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

GBP/USD Analysis for UK CFD Brokers - 22nd February 2017

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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Mohammed Abdelkhalik

Mohammed Abdelkhalik

Professional Trader and Analyst at TradingBroker.co.uk
Professional Trader and Analyst, economist in Financial and Forex market  since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex & Binary Options trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

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