will the cable trade higher when BoE increases rates .. 1.30000?
gbpusd , great british pound / u.s. dollar (the cable)
economic outlook :
on May 11 2023 the BoE is meeting and it is expected that they will hike the interest rates and even though on May 3 the Fed are also expected to lift rates there is a interest rate differential as the Fed are also planning to pause raising interest rates which could signal the british pound outperforming the u.s dollar.
more positive for the sterling as, the united kingdom government is said to have borrowed less that expected which means there will be a fiscal stimulus that could add more bullish momentum on the cable.
technicals :
price has been trading is consolidation phase with the psychological low of the sideways range @ 1.19000 and the high @ 1.24500.
bullish momentum is in control of price as price is respecting and holding bullish trendline by trading above it and is trading above the high of the consolidation phase @ 1.24500.
i have targets at weekly supply level of proximal price @ 1.27800 but overrall bullish targets @ 1.30000
supply and demand
GBPJPY
put together by : Pako Phutietsile
presented by : @currencynerd
courtesy of : @TradingView
economic outlook :
on May 11 2023 the BoE is meeting and it is expected that they will hike the interest rates and even though on May 3 the Fed are also expected to lift rates there is a interest rate differential as the Fed are also planning to pause raising interest rates which could signal the british pound outperforming the u.s dollar.
more positive for the sterling as, the united kingdom government is said to have borrowed less that expected which means there will be a fiscal stimulus that could add more bullish momentum on the cable.
technicals :
price has been trading is consolidation phase with the psychological low of the sideways range @ 1.19000 and the high @ 1.24500.
bullish momentum is in control of price as price is respecting and holding bullish trendline by trading above it and is trading above the high of the consolidation phase @ 1.24500.
i have targets at weekly supply level of proximal price @ 1.27800 but overrall bullish targets @ 1.30000
supply and demand
GBPJPY
put together by : Pako Phutietsile
presented by : @currencynerd
courtesy of : @TradingView
Trade active:
half-way to target price