FxWirePro: GBP/USD outlook – bullish call updated

In our previous article, named FxWirePro: Pound's rise from channel floor pretty significant
available at http://www.econotimes.com/FxWirePro-Pounds-rise-from-channel-floor-pretty-significant-126195. In respect to Pound's recent movement, we suggested despite out medium term outlook for bearish Pound against Dollar, it might gain in the near term.

And movement in Pound/Dollar, post that article has reinforced our view and strongly so that we feel, Pound might gain more than we had anticipated initially.

Today Bank of England (BOE) is scheduled to announce monetary policy at 12:00 GMT. Unless bank of England (BOE) policymakers are planning something drastic like easing, downside surprise could be limited. It has already been priced in somewhat a possibility of no rate hike next year or maybe just one at the very end.

Recent fundamental change also brightens outlook for Pound. European Union seems to ready to accept the changes demanded by UK (failure to which exposes both nations to risk of breakup, as a result of no in the referendum to be held in UK) and deal could be reached as early as February. Only gap remains over immigration and benefits.

Trade idea 

In previous article we called for, to long Pound against Dollar at 1.506 with stop loss around 1.495 and target around 1.528 and 1.54. We extend and add a third target to the call to 1.56 area. Stop loss can be revised now to 1.5