A Change In Sentiment - GBP/USD

FX:GBPUSD   British Pound/U.S. Dollar
Technical View:

GBP/USD             has broken out of a 6 month descending channel on the weekly chart to the upside. The initial bullish surge occurred at the key psychological level of 1.5 forming a triple bottom formation.

This suggests that the bearish pressure is diminishing and that we may see an established bullish reversal. A retest of the backside of the channel and 1.52 as new support will be confirmation of a change in sentiment.

Fundamental Picture:

1. Expectations for a timely Fed Rate-Hike are diminishing on dovish Yellen.

2, Expectations remain strong for a U.K Rate Hike

3. Governor Mark Carney retains Hawkish Tone

4. UK GDP within expectations for Q4 at 0.5%

5. U.S. GDP expanded by 2.2% in the fourth quarter of 2014, below initial estimates for a growth rate of 2.6% but above expectations for 2.1%.

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Great analysis Active trader. Thanks for sharing and Good luck!!
+2 Reply
ActiveTrader PRO moneymaking
Thank you for the feedback moneymaking! Always appreciated!
very good analyze, good luck and cheers !
I'm on it too, thanks for your very useful analyze.
My analyze on daily, if it can help on anyway :

#GBPUSD: Divergence and Fibos for a Short
+1 Reply
ActiveTrader PRO MisterTrader
Keep holding that short trade @MisterTrader :)!
rezozuken PRO ActiveTrader
damn...missed this one :(
DAlphaOne ActiveTrader
So, it looks like possibly a trend continuation for now depending on the strength and reaction to the bottom of the channel right? That is, unless the fundamentals begin playing along, in which there would be a stronger reversal eminent.
MisterTrader ActiveTrader
Yeah baby ! :))
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