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The price of GBPUSD has traded through the key highs of 1.2200. Will the price continue to trade higher this week?
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GBPUSD
The price of cable continued to trade higher last week despite the pressures that would have come with the European banking crises. However, the Bank of England tried to reassure markets that the UK banking sector is well capitalized and well funded and safe from any crises. The Bank of England is forecast to hike interest rates by 25 basis points this week, and traders will be looking to position themselves ahead of this event.
The price has traded through the key highs at 1.2200 and is heading towards the resistance level of 1.2300. Trades could be pushing the prices higher before the rate decision for a move lower. Looking at the larger narrative the price of cable is trading within a range. The range highs are at 1.2425 and the range lows are 1.1850. If the price reaches the highs we could expect the price to remain within the trading range. In the short term, the price of cable could find resistance at the 1.2300 handle for a short term relief to the rally.
GBPUSD
The price on the chart has traded through multiple technical levels and some observations included:
- The price has traded through the highs of 1.2200.
- The next resistance level is 1.2300.
- A rejection here could lead to a short term move back towards minor supporting levels.
- Price is trading within a larger time frame range with the highs being 1.2425.
Have you watched our Week Ahead analysis? You can see it here.
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