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GBP/USD Analysis of The Day
The start of the trading week is quite a weak one for the sterling. Well you can say that the highlight of the day is, “Sterling as a weakling as compared to USD in its pair of GBP/USD”. The ravishing strength of USD is dominating and it has caused exciting volatility in almost all of USD pairs. Therefore if are fond of adventures and like to enjoy the thrill of trade then it is an ideal time. USD seems to dominate its counter currencies. Particularly the struggle of Sterling is definitely eye-catching. The traders of this pair seem to be at their toes.
Weakling and BOE:
Currently all the trades are waiting for the meeting of BOE (Bank of England). The rise in Inflation may act as a stirring factor for the trade of the pair. They are wondering if the Government will take any measure in the recent scenario of the hype in inflation or not. Apparently there are not expecting any change in the policy however you cannot ignore the fact the Inflation has risen more than the targeted percentage. It is an alarming factor as the 2.1% rise in Inflation has already surpassed the expected rise of 2%. Any measure taken by the Central Bank may ignite fresh talk among the trade circle. Let’s see if the weakling state of GBP could be different at the end of the week.
Level of Sterling Vs USD: VPX making forex trading for beginners
About 67% of the traders of the pair are currently net long and the current trading trend of GBP/USD is a mixed one. The weakness of the pair seems to extend in the coming days as the trade flow of the pair has shattered under the spell of the bullish trend. The pair is challenging the support point at 1.3800. the oversold state of the pair is telling the same story.