Sforex
Long

IDEA FOR GBPUSD NEXT WEEK

FX:GBPUSD   British Pound/U.S. Dollar
375 2 1
Fundamental Analysis:
I wrap up what happen to GBPUSD             last week.
- UK Unemployment Rate fell down to 7.1% near threshold 7.0%
- GBPUSD             was reinforced from soaring up of EURUSD             to set new high 1.666
- Dovish comments of Governor Carney.
The main points in Carney speech:
- He considers a wide range of options.
- He admitted 7% benchmark of Unemployment Rate quickly be hit.
- He warned risk still remain.
- He wanted to see recovery in productivity.
- He liked weak currency.
- Rate hike was not on the table now.
Base on his comments, traders should pay attention more on productivity indicators.
This week, there is only one piece of UK data : UK GDP. And I believe 90% UK GDP will accelerate, and this will support for GBP.
Moreover, GBPUSD             is influenced by EURUSD             because UK economy links to EZ economy. Thus, I cannot ignore EZ economic data. Please refer my EURUSD             analysis:
IDEA  FOR EURUSD next week.

Finally, I find two engines to LONG GBPUSD:
- Positive UK GDP.
- Positive EZ economic data.
Hence, I hit BUY position. Target : 1.6650
Stop Loss: 1.6350
160 pips from current price.
But I recommend traders should LONG GBPUSD             after Monday and before UK GDP releases. Target at 1.657, stop loss at 1.6350.

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HappyKing
2 years ago
GBP LOOKS STRONG
Reply
Sforex PRO
2 years ago
Take profit at 1.60 level : 64.8 pips
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