Overall, it has been a quiet consolidative trading week with no significant market moves.
While there were no entries in the EUR/USD due to the lackluster price development, trading the GBP/USD has proved somewhat challenging in recent days even though we saw an uptick yesterday with the pound jumping towards the upper border of its sideways range. The reason for the pound’s recent rise were comments from Bank of England policy maker Gertjan Vlieghe who said that the BoE could raise interest rates early next year provided that policy makers see lower unemployment and subdued wage pressures.
We do not expect a change in the market’s muted performance today and recommend traders to secure profits at smaller levels or trade at a lower risk.
Have a nice weekend everyone.
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