After its depreciation in the previous week to the USD, the British Pound is reversing its direction, following the statements from BoE that the inflation is expected to reach 10%, also rising food prices are a big worry.
GBPUSD broke down the resistance of the falling wedge on the 4H graph indicating a bullish direction of the currency pair. If this trend continues, the price could be expected to return to levels of 1.2529. If it changes direction, it might test its previous support at 1.2165
Both MACD and RSI are confirming the expected bullish trend of the currency pair.
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GBPUSD broke down the resistance of the falling wedge on the 4H graph indicating a bullish direction of the currency pair. If this trend continues, the price could be expected to return to levels of 1.2529. If it changes direction, it might test its previous support at 1.2165
Both MACD and RSI are confirming the expected bullish trend of the currency pair.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.