Last week this pair finished the week with a major move upward that saw it go up to the levels of 1.544 but failed to break the EMA 200 so the overall outlook still bearish. If it breaks that EMA then the bullish trend will have been confirmed and next level would be 1.6 level target.
However, the pair's 200 and 50 EMAs on the downside have converged at the 1.5340 level creating what is known as a kiss of death confirming technicals bearish patterns which means that a break below this level will drop the pair to the next support level at 1.51
This week equally brings an important indicator for GBP/USD – the Bank of England’s official bank rate and monetary policy summary. With the UK also potentially on track to raise interest rates in the foreseeable future, any hawkish or dovish signals coming out of the Bank of England next week should be a major mover of the British pound on the low.
ALL THE BEST.
However, the pair's 200 and 50 EMAs on the downside have converged at the 1.5340 level creating what is known as a kiss of death confirming technicals bearish patterns which means that a break below this level will drop the pair to the next support level at 1.51
This week equally brings an important indicator for GBP/USD – the Bank of England’s official bank rate and monetary policy summary. With the UK also potentially on track to raise interest rates in the foreseeable future, any hawkish or dovish signals coming out of the Bank of England next week should be a major mover of the British pound on the low.
ALL THE BEST.
