Hot forecast for GBP/USD on 02/04/2021

The scale of the pound's movement in recent days is clearly not impressive. We can talk about a certain stagnation and fluctuation of the British currency in a fairly narrow range. The pound clearly shows a downward trend from the very opening of today's trading session and there's an attempt to break out of this very range. However, most likely, even before the opening of the US session, the pound will return to its usual values. The fact that the decline itself is a kind of preparation for the meeting of the board of the Bank of England, the price goes in the opposite direction from expectations. Since there is almost no doubt that the Bank of England, following the European Central Bank and the Federal Reserve will leave everything as it is. That is, the current monetary policy will remain unchanged. Whatever you say, if the two largest central banks are not doing anything yet, then taking any serious steps is a rash step because the Bank of England has enough reasons to ease monetary policy. This is also an extremely difficult epidemiological situation, which only continues to worsen. As well as the obvious dissatisfaction of British business with the new trade agreement with the European Union, which has sharply increased bureaucratic barriers to the supply of goods and services from the UK to the continent. However, the Bank of England will probably not just leave everything as it is, but will not comment on the situation with the trade agreement, writing off everything solely on the ongoing coronavirus epidemic. then taking any serious steps is a rash step because the Bank of England has enough reasons to ease monetary policy. This is also an extremely difficult epidemiological situation, which only continues to worsen. As well as the obvious dissatisfaction of British business with the new trade agreement with the European Union, which has sharply increased bureaucratic barriers to the supply of goods and services from the UK to the continent. However, the Bank of England will probably not just leave everything as it is, but will not comment on the situation with the trade agreement, writing off everything solely on the ongoing coronavirus epidemic. then taking any serious steps is a rash step because the Bank of England has enough reasons to ease monetary policy. This is also an extremely difficult epidemiological situation, which only continues to worsen. As well as the obvious dissatisfaction of British business with the new trade agreement with the European Union, which has sharply increased bureaucratic barriers to the supply of goods and services from the UK to the continent. However, the Bank of England will probably not just leave everything as it is, but will not comment on the situation with the trade agreement, writing off everything solely on the ongoing coronavirus epidemic. As well as the obvious dissatisfaction of British business with the new trade agreement with the European Union, which has sharply increased bureaucratic barriers to the supply of goods and services from the UK to the continent. However, the Bank of England will probably not just leave everything as it is, but will not comment on the situation with the trade agreement, writing off everything solely on the ongoing coronavirus epidemic. As well as the obvious dissatisfaction of British business with the new trade agreement with the European Union, which has sharply increased bureaucratic barriers to the supply of goods and services from the UK to the continent. However, the Bank of England will probably not just leave everything as it is, but will not comment on the situation with the trade agreement, writing off everything solely on the ongoing coronavirus epidemic.

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The GBP / USD currency pair resumed the downward course set at the beginning of the trading week after a short stagnation within the 1.3650. As a result, there's an increasing volume of speculative operations in the market.

The market dynamics at the same time had a low level showing impulses occasionally, but traders were in the accumulation stage.

If we proceed from the current location of the quote, then the pound sterling has already returned to the levels of January 19 and this is not true for sellers.

Looking at the trading chart in general terms, the daily period, it is clear that the quote has been at the peak of the medium-term uptrend for a long time leading to a high level of overbought in the market.

It can be assumed that keeping the price below 1.3600 will lead to an increase in volume from short positions, where a downward movement in the direction of 1.3535 is not excluded. During the Bank of England's meeting, there may be an additional stream of speculation depending on its outcome.

From the point of view of Complex Indicator Analysis, it can be seen that technical instruments on the minute and hour intervals are giving signals of a sale due to the current downward movement. The daily period, as before, is focused on the trend signaling a purchase.

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The material has been provided by InstaForex Company - www.instaforex.com

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