GBP/USD – Might See a Bullish Breakout but Remains Stuck as of Now

remains stuck

Bullish View

  • Buy Stop: 1.2425
  • Take Profit: 1.2525
  • Stop Loss: 1.2275
  • Timeline: 1-2 days

Bearish View

  • Sell Stop: 1.2276
  • Take Profit: 1.2170
  • Stop Loss: 1.2350

The British Pound pair looks pretty stuck at the moment but we can surely see some movements once important decisions from BoE gets released. On the charts, we did see an initial pull back but after the FED decision, the price went back to the original trend line. The RSI has also moved above the neutral point of 50. There was also consolidation following the formation of a cup and handle pattern on the price charts. As of now, the charts and fundamentals signal a possible bullish breakout. But we need to wait for the rate hikes from BoE to get more clarity about the upcoming trends for the pair.

Forex Forecast

  • EUR/USD: The pair drops below 1.0900 and awaits more action with US NFP.
  • BTC/USD: The choppiness and fears may result in another war for the pair.
  • ETH/USD: Ethereum looks like a better bet than BTC as per analysts.
  • USD/JPY: The bulls taking lead again after the initial pullback.
  • EUR/JPY: Bears take the lead as Euro gets pressured with ECB decisions.
  • USD/CAD: The pair gets lifted up with buyers stepping in.
  • GBP/USD: Can expect more action following the US NFP.
  • AUD/USD: The uptrend may continue boosted by FED decisions.
  • EUR/GBP: The Euro gets benefited as Pound retreats with BoE decisions.
  • XAU/USD: The gold pair losing momentum ahead of the US NFP.

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