GBP/USD – Week 8 – Waiting for a channel breakout.
Updated
The British Pound has surged past the 1.40 level, reaching the highest point in almost three years. UK Markit's preliminary PMI’s came out notably above expectations, but the bullish move was primarily driven by a Dollar weakness, which suffers after last week's yield increase.
Our technical view remains unchanged, and we still expect the price to start a bearish pullback. Until we get a proper breakout from the contracting channel that we are currently in, the bullish sentiment will remain on the market.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and 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.
Our technical view remains unchanged, and we still expect the price to start a bearish pullback. Until we get a proper breakout from the contracting channel that we are currently in, the bullish sentiment will remain on the market.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and 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.
Trade closed: target reached
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