The British pound clawed back lost ground against the US dollar this week after positive news on Brexit helped the GBPUSD pair to remain bullish to the 1.2985 level. What is next expected?
7 September, OctaFX – The British pound had been under fire earlier this week, as concerns over Theresa May’s proposed Chequers deal and softer than expected UK economic data helped push sterling towards the 1.2800 level.
Comments from German trade officials lifted the British pound higher, as they announced that they would be dropping important Brexit demands, offering a more accommodative stance towards the United Kingdom’s departure from the EU.
GBPUSD Pair Remains Bullish
The GBPUSD pair jumped sharply on Wednesday after the UK and Germany made a deal. It reached a high of 1.2983. Since then, the pair has consolidated slightly below this level and is currently trading at 1.2928.
This price is between the 61.8% and 50% Fibonacci Retracement level. With no major data expected from the UK today, the pair will continue trading in range as traders wait for US jobs numbers.
Positive jobs numbers will take the pair to the 1.2850 level while disappointing numbers will take it above the 1.3050 level.
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