FOREX Chart Of The Day: GBPUSD Strength Continues

The #GBPUSD could break higher as news from the UK remains positive. Will the price head towards 1.3700?

Watch the video to learn more…

GBPUSD Analysis

The GBPUSD price could begin to head higher both technically and fundamentally. Today CPI figures out of the UK showed a rise in inflation which the GBP responded positively too. Out of the US the FOMC meeting minutes disappointed investors by not talking about how aggressively they will hike rates. Instead it talked of inflation not being a persistent problem despite the significant rise. This saw the USD weaken in the short term. 

Looking at the GBPUSD pair the price has been in a 100 pip trading range between 1.3500 and 1.3600. On the weekly time frame the head and shoulders pattern we mentioned in a previous video could suggest the move to 1.3700 is still likely. In order to see this happen we would need the price to break through the 1.3600 range highs to show us that buyers are in control of the market. 

Have you seen our EURUSD analysis yet? You can find it here. 

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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