The GBP/USD Has Printed Fresh Highs before the UK Trade Balance is Due It Is Not that Positive for the USD to Recover Yet Because of the Negative Unemployment Rate
It is Odd-the Forex Market Are In favor of GBP after the UK Trade Deficit is Posted
Now, National Statistics reported today that UK Goods Trade deficit widened to £8.772 billion in February from £7.883 billion in January. Analysts once expected the deficit to narrow to £7.700 billion. UK non-EU Trade deficit widened to £5.017 billion in February from £3.717 billion in January and above expectations of widening only to £3.850 billion.
However, what is odd is that the Forex market should rally in favor of the GBP, which printed a fresh weekly high at 1.5955.
At the time of writing, the currency pair is traded at 1.5924; the next possible resistance is 1.5935 and if only it is able to break the line out; it is going to be resisted at 1.6062.
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- Focus on the GBP/USD-It is Flying High after the UK Unemployment Data Is Released! (1.000)
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