01 May 06:41 PM
Forex news, GBPUSD. BNY Mellon experts believe that the Bank of England will inevitably face problems, caused by the increase of British currency. This may stipulate verbal interventions from the Bank. Times change, and the Bank of England will have to cede the secrecy, which it has always demonstrated in monetary policy.
British pound is turning into shelter currency again. Such change of roles is happening under the influence of investors, who are trying to avoid the impact of debt crisis in eurozone. However, the change is happening in inconvenient for British government time, and higher GBPUSD may have negative impact on the efforts of British government that are directed at fighting recession.
GBPUSD remains within long-term rising trend. According to the experts of Masterforex-V Trading System Department, the pair has finished forming 3rd sub-wave or sub-wave А(С)/С as a part of long-term bullish wave С. At this point GBPUSD currency pair is within the zone of forming 4th sub-wave or sub-wave В(С) of bullish trend. 5th sub-wave or sub-wave А as a part of Elder’s Hound/MF will start when local maximum is broken. The closest resistance is provided by Fibonacci points 1.6345 and 1.6389. Further decline will be supported by pivot MF 1.6152, as well as the end of 4th sub-wave – 1.6062, and sloping channel MF.
You are free to discuss this article here: forum for traders and investors
After hitting today's high at 1.3524, the common currency declined down to 1.3518 at the beginning of the European trading session. The decline was caused by weaker-than-expected economic data from Germany published a couple of hours ago by Destatis.
At the times of rather tense economic situation in Russia and CIS countries more and more citizens are obliged to look for alternative ways of earning. Once popular bank deposits have become meaningless as a source of passive additional profit – 7-8% per annum does not cover inflation. Therefore, many people “go to” Forex – the world’s largest financial, owing to innovative technologies of which even beginners can get stable and high profit from every deal.