GBP/USD – Week 5 – Under bearish pressure.
Updated
As we anticipated in our last analysis, the Sterling rose the whole week against the US Dollar reaching new highs. However, we expect a bearish trend to start soon as the Daily timeframe suggests that we need one more leg down in order to finish a bigger consolidation. Our goal for this week is focused on selling the Pound, but take notice that we might break the top one more time before the consolidation will start.
Markets continue to wind down their bets that on Thursday the Bank of England will take interest rates into negative territory. This could be the trigger for the move that we expect.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Markets continue to wind down their bets that on Thursday the Bank of England will take interest rates into negative territory. This could be the trigger for the move that we expect.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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