GBPUSD a probable next target 1,29

18.07.2018 / 13:26

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GBPUSD Technical Analysis | Our expectations:

We wait for a slight correction for new short positions with a stop of 1.3195.

The negative sentiment versus the GBP has been boosted by the latest inflation data, which was below expectations and led to a fall in the likelihood of an increase in interest rates at the next BOE meeting. Until now, the percentages were 84, as analysts estimate now the probability of 74%.

On the other side, the dollar remains strongly supported by the fears of a trade war, and as it turns out, the green buck seems to be the preferred safe heaven in the worsening of the trade tensions.

Technically, the double top formation has reached the 1:1 target but on the other hand the bears seem to have already taken control over the levels of 1.31 and the new short positions seem more logical.

Trader Nikolay Georgiev

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GBPUSD a probable next target 1,29

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