Fundamental Analysis of GBPUSD for September 19, 2017 888011000 110888 GBP/USD has been impulsively bullish just recently. The set is expected to reveal some retracement towards the nearby support before climbing higher. Just recently Bank of England Governor Carney’s speech was dovish in nature as he spoke about tightening up for better control over the economy but did not offer any info about the timing of the closest rate hike. The dovish speech moved the marketplace belief to bearish from bullish but it is anticipated to be a short-term bearish stage before the market bounces off to develop brand-new higher highs in the coming days. Today there are no first-tier financial events or reports from the UK that leads to a slow market movement and minimal bullish pressure in the market. On the other hand, today US Structure Allows report is due later on today which is anticipated to reveal a slight decrease to 1.22 M from the previous figure of 1.23 M, Current Account is expected to reveal a less deficit of -115 B from the previous figure of -117 B, Real estate Begins are anticipated to increase to 1.17 M from the previous figure of 1.16 M, and Import Rates are anticipated to increase to 0.4% from the previous worth of 0.1%. Though the projections on the USD side today is not acceptable but better-than-expected information can lead to more gains of USD, taking the rate lower towards the closest support levels in the coming days. Ahead of the FOMC policy meeting today, any favorable economic report from the US will assist the greenback to pick up speed in the coming days.Now let uslook at the technical chart. The cost has actually just recently formed a bullish rejection candle light with a strong bearish body which signals that the cost is expected to move down in the coming days. As the dynamic level of 20 EMA is also quite far from the present price, the cost is most likely to fall back down to the 1.3370 support level. If price in some way bypasses the nearest support of 1.3370 with a day-to-day close, we will still be bullish, expecting the cost to bounce off the trendline support or support area of 1.3050-1.3120. The material has been provided by InstaForex

By | September 19, 2017

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