GBP/USD – Week 6 – The bear party starting soon.
The Sterling lost some momentum at the beginning of last week against the US Dollar, with the price bouncing of the lower channel line before making room for a new top as the Bank of England kept the interest rate unchanged. The positive takeaway from this is the unlikelihood of negative rates in the near future, with officials suggesting that it would take at least 6 months for the banks to be ready to implement negative rates.
For this week we expect the Pound to break the top once more, but our focus will remain on the bearish sentiment that will dominate the pair for a while.
Investors will keep their interest on the GDP data that will be released on Friday as it may have an impact for the pair.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
For this week we expect the Pound to break the top once more, but our focus will remain on the bearish sentiment that will dominate the pair for a while.
Investors will keep their interest on the GDP data that will be released on Friday as it may have an impact for the pair.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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