GBP has been gaining rapidly against USD and its trend has been quite intact up to now. Britain's Brexit still influence the volatility in the market where guidelines for Brexit are being processed. Moreover, it is also ensured that the UK will leave the Eurozone and will discuss the free trade policies with the Eurozone leaders again. It would be interesting to see the way Trump trying to make America great again. At the same time Britain's Brexit process is going to affect the currency in the long run. Today is an important day for GBP, as such news reports as Inflation report, Monetary policy summary, and Official bank rate due to publish today. Though all the forecasts are not predicting any changes in the figure, high volatility is expected to hit the market today before and during the news event.
Now let us take a look at the technical point of view. GBP has gained aggressively by bouncing off the support level of 1.2410 area. Recently the market has bounced off from the support area residing between 1.2515 and 1.2550 area and currently is climbing towards the resistance area 1.2730 to 1.2800. Due to a considerable number of important news releases, the market is expected to be volatile while trying to reach the resistance area between 1.2730 and 1.2800. On the other hand, if the market fails to hit the resistance and reverses downwards, we might see some corrective structures taking place before the NFP report.
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