Analyst
The Cable continued its recent gains against the common currency, buoyed by the expectations that the Bank of England may lead the line as the first Major Central Bank to increase interest rate after the coronavirus crisis. The expectation of a rate hike was fueled by the rising inflationary pressure in Britain, which might force the hand of the Bank of England to increase interest rate early next year.
The pair is trading to the downside at the moment and is expected to be rejected around the 0.84580 levels where a double bottom formation will be confirmed. I expect the pair to rebound from the level and move to the upside with a target at 0.85057 and stop-loss at 0.84402.
No major economic data with a bearing on the pair
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