GBP/USD forecast: Esterlina pound rises above key technical levels
The GBP/USD benefited from the generalized weakness of the US dollar (USD) on Tuesday and won almost 1% in the day. The PAR preserves its bullish impulse and trades in a new weekly maximum about 1,3350 during the European session on Wednesday.
The USA’s inflation data in the USD weighed on Tuesday, opening the door to an upward movement in the USD/USD during the American negotiation hours. The US Labor Statistics Office reported that annual inflation, measured by change in the consumer price index (CPI), decreased to 2.3% in April from 2.4% in March. Read more…
The primary count of the GBP/USD suggests a wave back (c) in the middle of the hard line tone of the BOE
The 1 hour graph of the GBP/USD presents a convincing Elliott wave structure, suggesting the possible completion of a corrective wave (c) in the recent minimum near the region of 1,3140. According to the primary count, this could mark a significant turning point, indicating that the torque could have touched back and is starting a new impulsive rally.
This upward change coincides with the macroeconomic comments of Huw Pill, the chief economist of the Bank of England, who on Tuesday expressed concerns about inflationary pressures in the United Kingdom. Speaking at a conference from the London School of Economics, Pill emphasized. Read more…
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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