GBPUSD gets a BOE lift
Buoyed by another MPC memebr calling for rate hikes, the quid continues to push higher. We busted the 1.3200/20 area and hit the next band of resistance at 1.3260. It’s sticky here between 60 & 70 and then we have a stonger looking area around 1.3300.
GBPUSD H1 chart
The pound could remain fairly bullish now on BOE hopes, at least until the next round of trade war risk off or Brexit bad news. 1.3200 should be the main support now but 1.3220 will build the longer we stay above it.
As for the future, and as per my preview, it looks like I might get my August hike sell plan coming to fruition. Like the BOE, I’ll be watching the data and if it doesn’t match up to the market expectations into that meeting, I’m going to be selling it.
One to watch on that front but in the meantime, we have the levels to watch in the interim.
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Thanks for the great insight again very helpful.
I would rather overall be selling the GBP particularly against $ is this a case where it is better to wait and not try and step in front of an overexcited crowd but bide your time until the data possibly disappoints them all again?
Exactly Jack. I might be happy to job it off certain levels, like some of the ones highlighted but not large and not with a lot of room. I think this bullish train might run for a bit longer until the next big news hits.
Very informative! overall im a seller of GBP and totally agree with Jack B, im very interested to know how you see the EURUSD going in the short term, im short and was surprised at the reversal, I can only see it declining in the near future, but im beginning to think i might be very wrong