Sterling on Fire as Carney Leaves the Rate Unchanged
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
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!
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