The currency pair Pound to US Dollar GBP/USD has closed the trading week at the level of 1.2978. At the moment, the pair’s quotations continue to move within the upward channel and there is a potential for continued growth. Stat expect a test of a gentle border with a subsequent rebound and a continuation of growth above the level of 1.32.
GBP/USD Forecast British Pound on May 8 — 12, 2017
In favor of the growth of the pound-dollar pair, a dense test of the upward trend line will appear on the indicator of relative strength. The cancellation of the GBP/USD growth option will cause the fall and breakdown of the 1.27 area, indicating a potential drop in the upper bound of the Triangle.
Among the important news from Britain, which may have an impact on the rate of the currency pair GBP/USD on the following trading week:
Monday, May 8, 2017, Housing Price Index from HBOS, slight growth is expected from the level of 0.0% to the level of 0.1%.
Thursday, May 11, 2017, Change in industrial production, the growth is expected from -0.7% to -0.4%, Decision on the Bank of England’s principal interest rate, it is expected that the rate will remain at the level of 0.25%. The planned volume of assets purchases by the Bank of England, Voices at the basic interest rate, Summary of Monetary Policy, Bank of England Report on Inflation.
GBP/USD Forecast British Pound on May 8 — 12, 2017 suggests an attempt to correct the area of the lower border of the upward channel to continue the growth in the area above the level of 1.32, in favor of growth, the test of the support line on the indicator of relative strength, Ascending channel.
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