GBPUSD continued with its strong upward momentum that that had been the case for the past few weeks, and in fact it exploded to the upside last week. The fall of GBP since mid year 2016 had been mainly due to worries around the uncertainties of Brexit. However, this fear had subsided for now and inflation has become the main focus. As a result of that BoE had become more hawkish in their meeting last week. The result of this was the explosion to the upside last week.
Trading idea for GBPUSD this week
At this point it is best to wait for a slight pullback to get some value before buying. If a supporting candle in daily or H4 chart is formed after such a pullback, we can buy the pair. Alternatively if the pair pushes up through 1.3650 level as shown in the chart, it is extremely bullish, therefore we can buy at that level too. At this time around, it is not a good idea to sell the pair.
