Check out this week's GBPUSD Forecast: Forex Trading Forecast Profit
The GBP/USD went into the weekend near the 1.22950 mark; this is quite a positive achievement considering the currency pair was near the 1.03950 realms on the 26The move upwards has occurred as the U.K. government has put into order political chaos within its ruling party and the U.S. hasA nearly 20% gain within the GBP/USD since late September is quite a move higher.
A low for the GBP/USD last week flirted with the 1.19000 level on Wednesday but buying suddenly erupted when U.S Fed Chairman Powell acknowledged in a speech the U.S central bank needs to take into consideration the weakening U.S economy. Technical traders who were GBP/USD buyers at the lows likely were rewarded as the currency pair closed on Friday while flirting with short-term highs again.A glance at a six-month chart of the GBP/USD clearly indicates the currency pair is traversing ratios last seen on the 1. While that is enticing enough, speculators who are technically inclined and those who may want to consider what behavioral sentiment is hoping for regarding more upwards results should look at one-year charts.
The powerful move higher in the GBP/USD will not be a one-way ride upwards, traders need to remain realistic and use risk management. The GBP/USD is being driven higher most likely by outlooks in financial institutions.While the GBP/USD has been climbing incrementally higher, day traders can still be confronted by reversals lower which can test wagers that are using too much leverage.
Picking the exact moment the GBP/USD is going to get a strong amount of buying is a dangerous game and can lead to expensive losses.After touching the 1.21200 level on Monday, the GBP/USD moved lower to 1.19400 a handful of hours later. On Tuesday the GBP/USD climbed again only to stumble to Monday’s lows again. Wednesday’s lowest depths had not been seen since the 23
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