GBP/USD – Strong upside pressure and potential for continuation [Video]
![GBP/USD – Strong upside pressure and potential for continuation [Video]](https://editorial.fxsstatic.com/images/i/GBPUSD_XtraLarge.png)
Upside continuation in the play.
Author
Petar Jaćimović
FXCentrum
Petar Jaćimović was born on 8 July 1989 in Jagodina, Serbia.
More from Petar Jaćimović
Editor's Picks
EUR/USD edges modestly higher after opening with a downside gap, trading near 1.1840 during Monday’s Asian session. However, the pair remains vulnerable to further downside as the US Dollar finds support following President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve Chair.
Pound Sterling hits four-year highs above 1.3850 on relentless US Dollar selling. GBP/USD appears bullish, positioning for the BoE verdict and US Nonfarm Payrolls. Technically, a Golden Cross on the daily chart suggests more upside for GBP/USD.
Gold price holds its corrective downside near $4,700 in the Asian session on Monday. The precious metal extends the decline after reaching historic highs last week amid signs of easing concerns over geopolitics and the Fed's independence. Traders will take more cues from the US ISM Manufacturing Purchasing Managers Index report due later on Monday.
Significant market moves keep investors on their toes. Trump has been the primary source of volatility, mainly when targeting the Fed. Pivotal US data releases next week as markets adjust to potential Warsh Fed nomination. RBA, BoE and ECB meet next week; decent chances of surprises across the board. Dollar/Yen prepares for February 8 elections; gold experiences its first substantial correction.
Central banks across both G10 and emerging markets met this week, with most opting to keep policy rates unchanged. Canada, Sweden, Brazil and Chile all held rates steady. Beyond central bank decisions, the Eurozone's solid Q4 GDP growth bolstered the case for the ECB to keep policy rates unchanged next week.
Bitcoin, Ethereum, and Ripple continued their corrections on Friday, posting weekly losses of nearly 6%, 3%, and 5%, respectively. BTC is nearing the November lows at $80,000, while ETH slips below $2,800 amid increasing downside pressure.
