FFaker

The weakening of the dollar is a great condition for GBP go up

Long
FFaker Updated   
OANDA:GBPUSD   British Pound / U.S. Dollar
Entry BUY 1.25000

The GBP/USD exchange rate traded around 1.25300, reaching its highest level since early September. Yesterday GBPUSD did not fluctuate much as gold rose above the 2000 level. Comments from Bank of England policymakers (BoE) on the policy outlook that could drive the pair's action in the near term.

However, the UK's FTSE 100 index opened lower and was last seen down 0.5%. Similarly, US stock futures turned negative during the quiet Asian session. If safe-haven flows return to the market in the second half of the day, the US dollar could escape the downward pressure and limit GBP/USD's upside.

The dollar continued its downtrend on Tuesday as traders awaited the Federal Reserve's October meeting minutes and US Existing Home Sales data. The prediction follows market sentiment on Monday which saw the dollar weaken across major currencies, with the USD index falling below August lows to below 104.00, weighed by yields US Treasury bonds fell below 4.4%.
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