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GBP/USD: conditions favour the upside - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Valeria Bednarik, chief analyst at FXStreet explained that the British Pound enjoyed of some strong demand after London's opening, tracking local share markets' positive opening, and the GBP/USD pair advanced up to 1.4285, erasing all of the previous week losses.

    Key Quotes:

    "The UK will release its CPI and PPI figures early Tuesday, generally expected to have improved in March, compared to the previous month. An uptick in inflation indeed can help the pair to recover further, as Pound's latest decline, blamed on Brexit fears, seems to be overstretched, considering the dollar's underlying negative tone.

    The pair retreated partially from the mentioned high, overbought in the short-term after adding around 180 pips daily basis. The technical picture however, keeps favoring the upside, as in the 1 hour chart, the technical indicators are resuming their advances well into positive territory and after correcting extreme readings. "
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