GBP/USD has shown a good amount of bullish pressure after the hawkish BOE Financial Stability Report today. As this report is an assessment condition in the financial system and potential risks to financial stability. Along with the Financial Stability Report, BOE Gov. Carney's speech was also hawkish in nature about the upcoming interest rates and future monetary policies. Today CBI Realized Sales report was published with a rise to 12 which was expected to be at 4. With all the positive economic events today GBP has shown a massive bullish move today which is about to surpass the 1.2800 resistance. On the USD side, today CB Consumer Confidence report was published with a positive figure at 118.9 which was expected to be at 116.1 but it could not provide enough push to gain against the GBP. Currently, GBP is having the upper hand above the USD today and it is expected to continue further this week.
Now let us look at the technical view, the price is currently residing at the edge of breaking above the resistance level of 1.2800. As of the recent impulsive price action further bullish pressure, it is expected that price will move up higher with a target towards upcoming resistance at 1.3050 if we see a daily close above 1.2800 in the coming days. A daily close below 1.2750 will negate the current bullish bias.
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