The GBPUSD delivered a swift move lower on Friday as financial institutions were forced to consider stronger-than-expected U.S jobs numbers: Forex Trading
The USD remained rather weak on Wednesday and Thursday following the Federal Reserve’s pronouncements. The Bank of England added to the stature of the GBP/USD on Thursday, when the British central bank raised the Official Bank Rate to 4.00% with an increase of 0.50% as predicted. However, by mid-Thursday, there were signs of nervous selling building in the GBP/USD as it began to touch key technical support.
Tomorrow’s opening in the GBP/USD will be important and will demonstrate whether or not financial houses have regained their breath and will stop selling the GBP/USD, or if trading houses will continue to show nervousness and take the currency pair lower.may have given a large clue on Wednesday that many trading institutions did not take seriously, when the U.S central bank expressed concern about economic momentum in the U.S not showing enough deflationary pressure.
The question for bullish traders of GBP/USD is if the move lower which actually started mid-day on Thursday and then built up strong selling power on Friday will continue, or if financial houses will start to buy the GBP/USD and create a more tranquil trading ground. Behavioral sentiment proved late last week that it can shift quickly and produce a rapid change of direction.
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