HelenRush

GBP/USD is on thin ice?

FX:GBPUSD   British Pound / U.S. Dollar
Janet Yellen will not continue her work in the FOMC once J. Powell takes charge. That means Trump has one more vacant chair. It is quite possible the new FOMC member will be a ‘dovish’ one, which is not too positive for the dollar, but it can’t collapse the currency, especially during the pre-Thanksgiving trading.
The traders will now concentrate on the release of the Fed’s Minutes tomorrow. Another important question is whether the Fed is still ready to continue its tightening policy with the ‘reshaped’ team.
GBP/USD has been growing for 6 days and is moving straightly towards the next resistance at 1.3280/1.3300. Theresa May, even being at risk of resignation, managed to make an interesting offer to both – the EU and the UK government. This has been a GBP-positive background, which helped the currency to grow against USD and EUR.
The degree of uncertainty in both countries is high. There is a relatively high probability of a bullish continuation short term, but it’s better to wait for the break out of the 1.3250 area with the target at 1.3290.
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