Weekly Trade Analysis - GBP/USD
We have noticed that price was likely to do a reversal or major retracement as it was close to weekly resistance around 1.3291 level. After USD reports were announced, price has been dropping and breaking daily swing point 1 and 2. The rise in the dollar after Friday reports has weighed heavily on euro, aussie as well as sterling, as all the currencies gave back recent gains. However, the pound will still remain vulnerable after the Bank of England left interest rates on hold at record lows and cut its economic growth forecast for this year and next. In this week, following our technical trading analysis, we will be looking for sell as valid break of 2 swing points has occurred in daily chart, indicating confirmation of trend reversal.
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