Strategy to buy GBPUSD after strong fluctuations
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Overall, GBPUSD had significant gains last week, with prices rising and surpassing the 1,250 level. It is currently trading at a new high of 1.054, after touching the 1.0365-1.0364 mark. So what are the reasons and factors driving this currency pair?
Regarding the developments and results of the news on April 2:
The British pound fell in mid-North American trading, as strong US economic data could weigh on the Federal Reserve's intention to cut interest rates. That strengthened the greenback while U.S. Treasury yields jumped, weighing on Cable. GBP/USD traded at 1.2544, down 0.05% on the day.
On the new outlook for GBPUSD:
On the 1D chart, as RalphBenjamin mentioned earlier, GBP/USD is currently receiving strong support at 1,250. A break below this level will result in a significant price drop, while a sustainment of this level will result in an increase in price. It is expected that the price will recover after this correction and hit the bullish channel limit and EMA 34.89. If the bullish momentum continues, the next recovery points for GBPUSD will be 1.312 and 1.418.
Overall, GBPUSD had significant gains last week, with prices rising and surpassing the 1,250 level. It is currently trading at a new high of 1.054, after touching the 1.0365-1.0364 mark. So what are the reasons and factors driving this currency pair?
Regarding the developments and results of the news on April 2:
The British pound fell in mid-North American trading, as strong US economic data could weigh on the Federal Reserve's intention to cut interest rates. That strengthened the greenback while U.S. Treasury yields jumped, weighing on Cable. GBP/USD traded at 1.2544, down 0.05% on the day.
On the new outlook for GBPUSD:
On the 1D chart, as RalphBenjamin mentioned earlier, GBP/USD is currently receiving strong support at 1,250. A break below this level will result in a significant price drop, while a sustainment of this level will result in an increase in price. It is expected that the price will recover after this correction and hit the bullish channel limit and EMA 34.89. If the bullish momentum continues, the next recovery points for GBPUSD will be 1.312 and 1.418.
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Comment:
GBP/USD clings to marginal daily gains above 1.2550 in the second half of the day on Tuesday as the US Dollar fails to build on Monday's upside. Earlier in the day, the upward revision to the UK Manufacturing PMI supported Pound Sterling.
Comment:
