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GBPUSD has rallied higher after the comments from the BoE. Will this move continue or is it only a short term move?

Watch the video to learn more…

Daily Chart

forex chart of the day gbpusd daily chart

The price of the GBPUSD has rallied higher today after the Bank of England announced they would hike rates in the future if they need to. They left rates unchanged at 0.10% but the hawkish comments gave investors a reason to buy the GBP again after a recent bearish run. 

The price technically is at support and the price is now rallying back within a 200-300 pip range. If the price closes the way it is now on the daily time frame we could see some significant long opportunities in the short term.

In the recent GBPJPY video we looked at the larger time frame head and shoulders pattern which could still play out however, these fundamental changes could keep the GBP bullish in the short term. If the price rallies and rejects the range highs we could see a break of this support

Trading Time Frame

forex chart of the day 4hr

Looking to the 4hr time frame the price is showing the potential short term reversal with the price forming higher highs and higher lows. If the price forms the higher high we can look for a retracement back into the breakout highs for a long opportunity. 

Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.

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