My previous GBP/USD signal on 18th April was not triggered as none of the key support or resistance levels were reached during the day\u2019s London session.
April that the technical picture looked bearish but as we had a bounce near the support level at $1.2435 which looked likely to be strong, I expected an up day. This was a good call as the price did rise over the day, but it never reached the identified support level.
We have a strong long-term bullish trend in the Pound and later this week the Bank of England is expected to hike its interest rate by 0.25%. If the Bank does not make this hike the price of this currency pair could fall hard. Yet this is unlikely and there are signs that the US Dollar is really to begin falling with stronger momentum as it is close to trading in blue sky as it breaks below recent bullish inflection points.
which seems to be acting as minor resistance. Of course, the price by that time should not be too close to $1.2700, which is an obvious take-profit level – in fact, a few pips below that round number would be better.
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