Back to Blog

GBP/USD: Further upside potential above 1.613

After recapturing the 1.600 level, GBP/USD is forming a second shooting star in a row on the daily chart this morning. The bulls are targeting November’s highs at 1.617 but it looks like the 1.61 level offers strong resistance at the moment, with attempts to break above that area likely to be met with resistance as the fundamental picture for the sterling continues to be discouraging with the nation’s rating review among the most imminent threats. The market remains well supported by an uptrend line for about a week now and as long as the support base at 1.608 remains intact there is no reason for the bulls to worry, with any pullbacks towards that area likely to be a good buying opportunity. Onto the main topics of today, the BoE announcement is expected with all eyes on potentially new stimulus measures. Later today, the focus shifts to the other side of the Atlantic with the US Jobless Claims due for release at 1.30 pm (GMT).
Dafni Serdari
Market Analyst
Disclaimer
The comment in this blog is the personal opinion of the contributors and not Intertrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. Intertrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.

Share this post

Back to Blog

Spread betting and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading these products with this provider.
You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money.