Thursday 20 October 2016

Is GBP/USD going to gain a foothold above 1.2295?

The pair GBP/USD has maintained a positive attitude on Wednesday. The British pound spent a day in a sideways channel. Partially recovered, the pair consolidated between 1.2250 and 1.2350 levels, moving up and down between them. Despite the recent growth, the general background of the pair is negative.
On Thursday in the UK comes only a report on retail sales in the country. On the motion of the trading instrument may affect the results of the debate for the US presidency, which took place early in the morning on Thursday and the release of US labor market, which will be released later in the US session.
Strengthening of the dollar as a result of the debate and in the case of a positive report on the labor market could put pressure on the pair GBP/USD. As a result, the pound sterling would eliminate all past achievements.
If the dollar will rise again, then quotes of the pound will move down. The first objective of the sellers - the level of 1.2250. Successfully overcoming it, prices will fall towards 1.2150 or below 1.2100.
At the same time strengthening of the pound would lead to growth of the last above resistance 1.2350. Further development of the dynamics of the pair will be held towards the 1.2400 and 1.2450 marks.


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