GBPUSD: Weekly Analysis for UK Trading brokers
Yesterday Pound Sterling surged 0.3% against USD, continuing its gains which temporarily halted the previous day affected by corrections and profit-taking, as GBP hit a six-month high of $ 1.2905 last Tuesday.
Over the course of this week GBP soared 2.2% against USD, on track to the second weekly gain in a row, posting its biggest weekly gain since January, following Prime Minister Teresa May’s call for early election on June 8, and the British Parliament’s approval to hold this elections.
GPB/USD traded at around $1.2815 by 07:45 GMT, from the opening price of $1.2812 after it reached its highest at $1.2822 and its lowest at $1.2793.
On Friday today’s session GBP held steady against USD amid light trading volumes following the retail sales release which dropped 1.9% for March a much larger than the expectations of 0.3% decline, performing worse than the previous reading which increased 1.4%
US dollar index held steady
On Friday’s session the US dollar index fell slightly, however it’s expected to head higher again in the upcoming trading sessions owing to the abovementioned data, UK trading brokers are await some of important data on manufacturing, services PMIs and home sales to be released later today.
April’s preliminary manufacturing PMI results are expected to come at 53.9 points from 53.3 points in March.
April’s preliminary services PMI results are expected to come at 53.7 points from 53.8 points in March.
On housing sector March’s existing home sales are expected to expand to 5.61 million units from 5.48 million units in February.
GBPUSD Technical Analysis
GBPUSD pair trades at level 1.2795 after pair fall to breakdown resistance level as appears on chart.
GBPUSD trades at level of MA indicator , also pair trades under level of MACD and Ostocastic Osclitor on 4 hours chart
So expected to price reach 1.2770
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