Sterling Snaps Back Higher on BoE Official Comments

The British pound sterling is posting strong gains on Tuesday. This comes following comments from a BoE official who was speaking out against negative rates.

The gains saw the GBPUSD breaking past the 1.3500 level. This invalidates the descending triangle pattern. Prices continue to rise past the trend line as well.

This has pushed the GBPUSD to test a two day high following the recent declines over the last week.

Despite the short term gains, the bias still remains to the downside. But this could change if the GBPUSD can rise above the January 4 highs of 1.3700.

Test your strategy on how the GBP will fare! Open your Orbex Account and start trading now.