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GBP/USD: eyes Feb highs for forthcoming sessions

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    GBP/USD is currently up through the 1.44 handle into wards the close for the US session, with a spike that came from the consolidation at 1.4280 earlier in the shift.

    GBP/USD has yet again given us a show as it can so from time to time, with little fundamentals that are obvious. UK: Trade balance improved in January - BBH

    Nevertheless, cable is in positive territory ahead of a big week ahead with the FOMC and the BoE. "we have delayed our forecast for the first hike in BoE rates from November 2016 to February 2017," explained analysts at Rabobank. In the meantime, prior to the MPC, we will have the wages data form the UK and while no action is expected, the minutes could be the key driver for sterling next week.

    GBP/USD levels

    GBP/USD broke up through the 1.4301 level and four month downtrend and that has left the downside targets of 1.3502 in the4 distance, being the 2009 low. With a positive close today, and into next week, should the price remain above 1.4316 and the recent downtrend, this then would alleviate downside pressure with targets set on1.4664, the February high.
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