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GBP/USD at daily high
GBP/USD is trading at daily high after the BoE revised up the economic growth forecasts for the UK economy to 3.4% in 2014 from 2.8%. Regarding consumer prices, the central bank said they would gyrate around the bank’s target.
The pair hit the low at 1.6425 and rebounded after the report from BoE.
The pair is now up at 1.6550 with the next hurdle at 1.6565 (high Jan.30) followed by 1.6606 (high Jan.29). On the flip side, a break below 1.6425 (low Feb.12) would open the door to 1.6392 (low Feb.11) and finally 1.6384 (low Feb.10).
Forex trader view: A perfect day!
Risk Warning
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade forex you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
