The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
GBP/USD may go for resistance
2021-02-02 • Updated
The 200-period MA just above 1.3650 supported GBP/USD. The pair formed a higher low on the H1. As a result, it has the scope to retest the previous resistance at 1.3750 if it manages to break above 1.3700 (50-period MA on the H4).
Trade idea for GBP/USD
BUY 1.3710; TP1 1.3720; TP2 1.3736; SL 1.3695
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