A Change In Sentiment - GBP/USD
Technical View:
GBP/USD has broken out of a 6 month descending channel on the weekly chart to the upside. The initial bullish surge occurred at the key psychological level of 1.5 forming a triple bottom formation.
This suggests that the bearish pressure is diminishing and that we may see an established bullish reversal. A retest of the backside of the channel and 1.52 as new support will be confirmation of a change in sentiment.
Fundamental Picture:
1. Expectations for a timely Fed Rate-Hike are diminishing on dovish Yellen.
2, Expectations remain strong for a U.K Rate Hike
3. Governor Mark Carney retains Hawkish Tone
4. UK GDP within expectations for Q4 at 0.5%
5. U.S. GDP expanded by 2.2% in the fourth quarter of 2014, below initial estimates for a growth rate of 2.6% but above expectations for 2.1%.
Contact us:
infinite-prosperity.com/activetrader
GBP/USD has broken out of a 6 month descending channel on the weekly chart to the upside. The initial bullish surge occurred at the key psychological level of 1.5 forming a triple bottom formation.
This suggests that the bearish pressure is diminishing and that we may see an established bullish reversal. A retest of the backside of the channel and 1.52 as new support will be confirmation of a change in sentiment.
Fundamental Picture:
1. Expectations for a timely Fed Rate-Hike are diminishing on dovish Yellen.
2, Expectations remain strong for a U.K Rate Hike
3. Governor Mark Carney retains Hawkish Tone
4. UK GDP within expectations for Q4 at 0.5%
5. U.S. GDP expanded by 2.2% in the fourth quarter of 2014, below initial estimates for a growth rate of 2.6% but above expectations for 2.1%.
Contact us:
infinite-prosperity.com/activetrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.