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Mon, May 20, 2024

GBPUSD is breaking the top of the Ascending Triangle
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GBPUSD Analysis

Ascending Triangle pattern is formed in GBPUSD by creating Equal highs and higher lows.

GBPUSD is breaking the top level of the Ascending Triangle in the 4-hour timeframe chart.

Pound starts to climb up steadily in all GBP Currency pairs.

Pound Climbing up

UK Pound drives higher as US stimulus package and potential vaccine news progress in the US.

And the inflation is increasing, Bank of England now planning to tighten the Monetary policy soon in the coming months.

On Tuesday German DIHK Chambers of Industry and Commerce said that Brexit Deal affects UK and Germany Business relations.

After the deal, German Companies in the UK suffered legal uncertainties like customs bureaucracy and logistics problems and tariffs increases.

Due to this scenario, Germany decided to shift its companies to Europe and Germany from Britain.

US Dollar dips after the Congress going to support the $1.9 trillion package with low support of the senate.

And as Janet Yellen stated last week that this stimulus package will recover the economy to the stable mode and the unemployment rate will recover to Normal level.

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