When we look at the GBP/USD parity, we could observe a horizontal trend during the February. The main reason for it is that this parity contains two stronger currency pairs in world economies like Sterling and American Dollar. Consumer spending began to deteriorate as the fast climb at the end of the year slowed down the increase in real wages. In the past few weeks, according to the figures released by the Bank of England, the increase in consumer loans seemed to be narrowing. The continuation of the rapid increase in inflation may require the Bank to change its approach to tightening its balanced approach to interest rates.
The first forecasts of GBP/USD market is a bit horizontal like February’s trend. Technically speaking, in order to maintain the tendency to recover in the GBP/USD, we need to see persistent movements at 1.2520 level, and resistance levels of 1.2600 and 1.2650 can be targeted on the rise. For profitable sales in the parity, 1.2460 and 1.2340 support levels can be followed.
- Date: 28 February 2017 Tue 18:59
- Last Added
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