Home Event Analyzing if Carney’s speech will drive GBP growth

Analyzing if Carney’s speech will drive GBP growth

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Tool: GBPUSD

Position: Buy

(2 ratings, average: 3,00 of 5)

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Today, during the European session, the Bank of England will release the Financial Stability Report, which will be accompanied by a speech of the Governor of the bank, Mark Carney. According to the follow-up press-conference, which Carney had hosted previous week on Wednesday, the market is expecting a hawkish report due to the decision to keep monetary policy unchanged; the report will justify the temporary nature of the factors that have led to the British economy’s slowing pace during Q1 of 2018. In this case, it is logical to anticipate GBP strengthening against USD. From a perspective of the technical analysis, the bullish flag is being formed at time H1, which also supports GBP. The level where the rising trend may begin, is the current quotation of 1.3195, or Fibonacci retracement 76,4% (1.3152). In any situation, it will be required to remove stop below the lows of the previous weeks, from which the rising impulse has commenced. Thus, I recommend to put limited order for the pair’s purchase from the level of 1.3160 with a stop-loss of 1.3085 and a take-profit at 1.3390 (the level where the formation of the bullish flag is completed).

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Analyzing if Carney’s speech will drive GBP growth

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