The GBPUSD went into the weekend around the 1.20300 level- trading forextrading
Get DailyForex analysis to your emailSpeculators who crave volatility had some delivered last week via the GBP/USD, and the coming days will provide an additional wild streak of results.Essentially the GBP/USD finished the week where it started and if that was the only story to be told, readers could stop looking at this article now.
. U.S. jobs numbers came in slightly stronger than expected, but the previous month’s totals were revised downwards. In addition to this, the Average Hourly Earnings came in slightly below expectations. This should have caused the USD to trade slightly weaker based on the Federal Reserve’s mantra that economic data will drive the U.S. Federal Funds Rate in the coming months.
. The implications from the Silicon Valley Bank rupture will have to still be dealt with in the coming days and could involve the U.S. government and Treasury, and also involve the U.K. government in an effort to protect depositors. At stake is a ‘billions of USD’ sinkhole with economic knock-on effects on V.C. funds, fintech, and other software companies including employee payrolls. Start-ups and well-established tech companies around the world, including in the U.K.
The GBP/USD went from the 1.18000 realms to the 1.21000 level in two days last week. These results underscore the volatility that ripped through Forex. Traders should expect price velocity to remain ramped up when the GBP/USD opens early on Monday and be prepared for fast conditions to remain.The GBP/USD went into the weekend with some selling developing towards the end of the day.
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