31.08.202101:58 Forex Analysis & Reviews: Bank of England's new goal is to strengthen GBP/USD

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

It was already known that many instruments increased against the US dollar on Friday amid the news background. The GBP/USD pair is no exception. The Bank of England did not keep the price of the pound below the banking level.

Today, the GBP/USD pair is trading above the banking level, which indicates that the bullish momentum will most likely continue. The upward target is the level of 1.3853 and favorable purchase prices are located at yesterday's lows of the European session.

Trading in an upward direction has a number of advantages. A favorable risk-to-profit ratio is a basis for building a trading plan. On August 27, the "absorption" pattern of the daily level was formed, so the probability of updating the weekly maximum is 80%.

At the moment, it is not necessary to talk about long-term growth prospects since the general dynamics of major pairs are inclined downward. Nevertheless, it is possible to partially leave the purchase with its transfer to breakeven in case of a change in the benchmark in the autumn market.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.