The past week has been turbulent when it comes to our viewpoint with the British pound. How will this pair be defined in the next couple of days? Get an outlook on this with the 6 November GBPUSD Fundamental Analysis from OctaFx.
6 November, OctaFX – The GBP/USD pair traded with a positive bias for the second consecutive session on Monday and spiked beyond the 1.3100 handle against the U.S Dollar. However, the British pound has also exhibited some steady support. For this reason, mid-term investors may continue to buy with the aim of holding onto their positions with the hope that a 1.32 value is reachable.
Presently trading around 1.3115-20 band and also testing session tops, the pair’s constant climb following the early European session got an extra increase based on the uplifting comments made by the UK PM Theresa May. While Speaking at the CBI conference in London on Monday, Theresa May welcomed the commencement of internal EU talks on future relationship post-Brexit.
For the US economy, the Federal Reserve looks very likely to increase interest rates several times in the near future. Based on this, it is assumed that we eventually go lower and a breakdown below the 1.30 level implies that we are going to move to the downside.
6 November GBPUSD Fundamental Analysis
Cable was little changed on Monday, as a dearth of market-moving developments kept investors on the sidelines. The GBP/USD exchange rate continues to hold above 1.3000, with upside limited to 1.3111, which is the high from Friday.
This article about 6 November GBPUSD Fundamental Analysis should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
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