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GBP/USD confirms once again that it could approach and reach fresh new highs after printing a minor Hammer pattern. The price has decreased a little only to retest the broken obstacles before resuming its upwards movement.
The Pound edged higher again due to better than expected UK data reported yesterday. The Unemployment Rate increased from 4.9% to 5.0%, failing to reach 5.1% expected, the Claimant Count Change dropped unexpectedly to 7.0K even if the specialists have expected an increase to 47.5K, while the Average Earnings Index rose by 3.6%, beating the 2.9% growth expected.
Technically, the outlook is bullish after the last developments, while fundamentally, GBP/USD could be shaken by the FOMC meeting later today. The FED is expected to maintain its Federal Funds Rate steady at 0.25%, but the FOMC Press Conference could definitely bring high volatility and sharp movement.
GBP/USD is expected to climb way higher after registering only a false breakdown below the Pivot Point (1.3646) level and through the triangle's downside line. The Pin Bar, Hammer, was confirmed by a strong bullish candle, so further growth is natural.
Closing above 1.3745 former high brings a good long opportunity in the short term. From the technical point of view, the immediate upside target is seen at the R1 (1.3772) level. A valid breakout above it suggests buying as well.
The aggressive breakout through 1.3700 psychological level represents a buying signal. Also, jumping and closing above the R1 (1.3772) brings a buying opportunity. The R2 (1.3872) and the sixth warning line (wl6) could be used as upside targets.
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