British Pound Appears to be Benefitting from US Dollar Weakness
GBP/USD was on the back foot in the early part of the European trading session, dropping to lows of 1.3632. Thats where BrozBot was able to open Buys orders. The pair has spent the last few hours on the front foot and is currently now pushing to fresh highs of the week above 1.3723.
Highs of the year are not too far off at just under the 1.3750 mark, an area the bulls will be targeting.
GBP/USD appears to be benefitting from broad US dollar weakness rather than any GBP specific strength or positive UK fundamental developments.
Risk appetite weighs on the US dollar
Risk appetite has taken a significant turn for the better since the European market open, after a downbeat Asia Pacific session, weighing on the USD and lifting GBP/USD. US stocks opened in the green, European equities have for the most part erased Monday’s losses, crude oil markets are higher and bond yields are higher on both sides of the Atlantic.
In FX markets, safe-haven currencies JPY, CHF and USD are the laggards whilst the more risk-sensitive currencies are in the lead.
If you want to earn passive income and don’t have the time to follow the news or read charts, try BrozBot to automate your trading.
BrozBot uses 100% technical analysis on 60 minute, 15 minute and 5 minute charts to identify new trends, overbought/oversold conditions and double-tops/bottoms to determine Buys and Sells.
Only trades with 70%+ probability of success are taken. Signals generated under 70% chance of winning are ignored.
Go to https://brozbot.com now and open your account for free and try it out!