GBPUSD Analysis
The Bank of England (BoE) met this week on the heels of the U.K. general election that gave Boris Johnson’s conservative party a majority in parliament. The central bank chose to hold its policy rate steady, and noted in its statement that “GDP growth was projected to pick up from current below potential rates, supported by the reduction of Brexit-related uncertainties, an easing of fiscal policy and a modest recovery in global growth.” Interestingly, the BoE argues that continued strong pay growth and relatively weak productivity growth point to unit labor cost growth that is consistent with inflation above target over the medium term. In the near term, the ongoing strength in the pound is likely to keep a lid on inflation, which has retreated from nearly 3% over the past year or so . We do not expect the BoE to hike or cut rates in 2020.
GBPUSD can say created a peak of 1.35 + appeared an evening star reversal pattern combined with a solid double button then there was a strong drop many ae called a gap gap. About the previous swing. with the establishment of weak economic indicators.
Last week candle continued closing candle below strong resistance zone + ended week 1, bearish englulfing candle was completely overwhelmed by seller, with this position, GBPUSD continued to decline in times to target 1,280x.
Expect to see an adjustment of the GBPUSD resale
so the view of the upcoming Sparta FX will be to sell GBPUSD
The trend of sell trend, fibo 61.8 and the strong resistant area closed the candle last week.
Consider selling GBPUSD 1,31200-1,31400 SL 1,31700 TP 1,30100 TP2 1.28950 TP3 1.28100
GBPUSD can say created a peak of 1.35 + appeared an evening star reversal pattern combined with a solid double button then there was a strong drop many ae called a gap gap. About the previous swing. with the establishment of weak economic indicators.
Last week candle continued closing candle below strong resistance zone + ended week 1, bearish englulfing candle was completely overwhelmed by seller, with this position, GBPUSD continued to decline in times to target 1,280x.
Expect to see an adjustment of the GBPUSD resale
so the view of the upcoming Sparta FX will be to sell GBPUSD
The trend of sell trend, fibo 61.8 and the strong resistant area closed the candle last week.
Consider selling GBPUSD 1,31200-1,31400 SL 1,31700 TP 1,30100 TP2 1.28950 TP3 1.28100
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