The #GBPUSD price could be volatile this week as we have high impact news affecting both of the currencies. The Bank of England is set to hike rates this week which could see the GBPUSD hit a key resistance.
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The GBPUSD price could be volatile this week as we have a rate hike announcement from the Bank of England and Non-Farm Payroll out of the US. This could see the price make wild swings as both news events are of high importance. The Bank of England is forecast to hike rates again this week to 0.50%. Often with these events we see the ‘buy the rumour sell the news’ situations where the price gains value before the announcement. If this happens we could see the GBPUSD price rally towards key resistance before continuing its downward trend.
The weekly chart shows the price is in a downward trend and could continue if the sellers remain to keep the price moving back towards the major support at 1.3300. The 4hr time frame highlights a resistance resting at 1.3500. If the price rallies to this level during the BoE statement we could see sellers resting at these levels which could offer short opportunities.
Have you seen the latest week ahead analysis? watch it here.
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