FxWirePro: GBP/USD changes short term trend from bearish to bullish
The British pound surged strongly towards 1.4287 against the greenback, after hitting as low as 1.4107 levels earlier in European session as the pair found strong buying interest on the day. Further direction in this pai…
The British pound surged strongly towards 1.4287 against the greenback, after hitting as low as 1.4107 levels earlier in European session as the pair found strong buying interest on the day.
Further direction in this pair will be guided by tomorrows UK inflation data and the BoE will have its monetary policy meeting on Thursday, along with the release of the inflation report and interest decision.
BoE is likely to maintain the Bank Rate and stock of purchased assets unchanged at 0.50% and GBP375bn, respectively.
To the upside, the strong resistance can be seen at 1.4264, a break above this level would expose to cable to next resistance level at 1.4321.
To the downside major support can be seen at 1.4168, a break below will open the door towards next level at 1.4100.
