Sterling on Fire as Carney Leaves the Rate Unchanged - Forex News by FX Leaders

Sterling on Fire as Carney Leaves the Rate Unchanged

Posted Thursday, February 8, 2018 by
Arslan Butt • 1 min read

GBP/USD soared sharply to break the bearish trendline resistance at $1.3900. The buyers entered the market right after BOE Governor decided to leave the interest rate on hold. How far can the Cable go now? Let’s find out below…

GBP/USD – Bearish Trendline Breakout  

Looking at the hourly chart, the Sterling has formed a bullish engulfing candle as the Mark Carney keeps supporting the pound saying the global economic growth stronger, broader than for some time.

GBP/USD - Hourly Chart

GBP/USD – Hourly Chart

For now, the pair is very likely to continue its bullish momentum until it reaches to $1.4050 and $1.4090 today. We may see sellers looming in that particular region.

Support     Resistance

1.3907    1.404

1.3826    1.4092

1.3774    1.4173

Key Trading Level:    1.3959

GBP/USD – Trading Plan

It’s a bit late to enter the market now, however, it’s in our best interest to wait for the market to test 1.4090 before entering a sell position to catch the retracement. Good luck!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments