GBPUSD is on the rise, and there are no signs that it will stop. GBPUSD is now just a few “pips” away from its annual high of 1.282 USD. Learn what day traders need to know to capitalize on the strong upward trend.
Technically, BGPUSD looks better now than at the end of April. Since two weeks ago, the British currency has been slowly rising, and there are no signs that it will stop. The sterling is now just a few “pips” away from its annual high of 1.282 USD.
GBPUSD Price Is On The Rise
There is a clear upward trend, and it is important to note that the pound is doing better than the euro. The long-term direction for the pound is strongly up, and the Bank of England is likely to raise interest rates by 0.25 percent later this week. But if the BoE does not make this change, the GBPUSD price could drop significantly. But this is not likely to happen, and there are signs that the US Dollar is about to trade blue skies as it breaks below recent positive turning points. This means that the US Dollar will start to fall with more force.
The price has a lot of room to go up to the $1.2700 area, and if two hourly closes above $1.2650 do not meet much resistance, that is a good sign for day traders to buy. Obviously, the price should not be too close to $1.2700 by then, which is a clear profit level. In fact, it would be better if it was a few pips below that round number.
