GBP - Strong Bullish 1️⃣ BoE Governor Andrew Bailey said that the central bank needs to act not as quickly as possible amid increased risks to medium-term inflation expectations. 2️⃣ Investors are now predicting that the BOE will raise interest rates by 25 basis points in the next meeting with a probability of 62%.
USD - Weak Bearish 1️⃣ The U.S. dollar lost traction as U.S. Treasury yields declined and amid a positive market mood as companies in the U.S. reported better earnings yields in the third quarter. 2️⃣ The U.S. economy is expected to decline in the third quarter following a fall in retail sales and trade balance.
===== Technical =====
GBPUSD has broken above the trendline.
Looking for trade opportunity after retracement + confirmation.
===== Risk to this trade =====
Any change in sentiment could turn the pair's direction.
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I agree with you, I think this pair are completing wave C of wave 4 on a 1-4 hour timeframe, and once the correction is over, wave 5 should be an impulsive wave to the upside, but before its breakthrough above 1.3900, I am expecting an ABC correction to the downside after completion of wave 5. Not a financial advice.
MonsunAsia
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@ashkanmohajer34, yes, wait for confirmation before entering the order.