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Market Updates

21 Mar. 2018

GBP/USD possible retracement in the near term before heading north again.

The News..


The Pound recently caught the bid tone to a high of $1.4086 on Monday as the latest development in Brexit talks renewed hopes for a softer Brexit between the Britain and the European Union (EU), and a possible solution to avoid a “hard border” for Northern Ireland. Moreover, upbeat UK jobs report today  lifted the Pound sterling across the board.


Ahead in the week, the Bank of England will hold its meeting tomorrow, with consensus expecting no change in the refi rate and the MPC voting unanimously to keep the monetary status quo unchanged.


Technical outlook:


The hourly GBP/USD chart suggests a possible retracement near $1.3900/30 in the short term before the bulls take control again in the long run for a strong move upward to $1.4169 followed by $1.4346.




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