Market Forecast: British Pound Will See a Lot of Movement

LONDON, U.K. – In the previous trading week, the British have seen a lot of productive sessions, boosting the currency towards the upside.

With the productive week for the British pound, the famed currency was able to slice towards the top of the total consolidation tracked for a couple of months. The currency has received a lot of power and strength from the optimistic sentiment over getting a Tory Parliament, which could aid significantly towards getting out of the tight-knit European Union.

From its previous gains, the British pound is seen to continue its upward movement in charts for the coming week. A lot of movement is seen for the pound’s outlook as the market waits for the latest polls on the coming UK elections. With the elections scheduled only a few days ahead, market players are looking to over-willing to push the UK market even higher.

In other parts of the world, the US dollar has tracked marginal declines most of the trading week, but market players think that it was already testing the lowermost of the channel. Investors are expecting the dollar to gain a more optimistic momentum in the coming week and go even much higher after going above the 110 JPY level.

However, if the market couldn’t break down under the 170 level against the JPY, the dollar could be seen to continue its decline in the coming week.

Last week, the euro also tried for a rally. But despite its recorded advanced early in the week, it ended the last trading session mostly giving back its weekly gains. With its previous performance, the EUR/USD pair is seeing a break down towards 1.10 level or under in the coming week. However, the market thinks the pair is safe from going under the 1.09 handle next week.

The GBP/JPY pair will largely focus on the British elections for next week’s trading sessions. However, the candlestick that is forming for the GBP/NZD pair is looking towards the 2.00 level for the pair, which is a level that will attract a lot of market player’s attention. Market players are seeing a bullish pressure for the GBP/JPY pair on the coming week and is expected to reach for the 2.05 mark if given with enough time. Although investors don’t expect the uptrend will be easy for the pair, the bullish trend is most likely going to stick with the British pound throughout the week, especially if there is good news accompanying it.