GBPUSD thrust forward as BoE signaled more rate hikes.
“BoE flames up the market with more interest rates ahead, bulls cheer by pushing sterling higher.”
Bulls thrust forward on GBP/USD, buoyed by hawkish signal from Bank of England. According to reports, Bank of England Governor Andrew Bailey commented that “more interest rates increase is likely for the coming months”. Bailey also emphasized that their efforts to bring inflation under control may likely take 18 months to two years.
Quick recap on GBPUSD
The pair recovered substantially following a solid rebound from the lower end of the spectrum.
GBPUSD Weekly Technical Analysis
From weekly perspective, bullish momentum remains solid as previous attempt by bears falters.
GBPUSD Daily Technical Analysis
The pair is currently testing near 1.1765 with MACD showing substantial gain in bullish traction.
ORDER: BUY STOP
STOP LOSS: 1.1750
Target 1: 1.2000
Target 2: 1.2200
ZFX Analyst’s Comment
From both weekly and daily perspective, the pair has gained significant traction the past few sessions. Thus, a close above recent resistance may warrant for an extension of upside momentum.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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